5/30/2008

Turkey's Arcelik eyes to buy GE's appliance unit

Hurriyet - Arcelik, Turkey's largest manufacturer of household appliances is among the several potential suitors vying to acquire the electrical household appliances of world giant General Electric (GE), company Chief Executive Officer Jeffrey Immelt said on Wednesday. The company that would buy the unit with an annual turnover of $7.2 billion would become the giant of the household appliance sector, Immelt also said. “GE's appliance unit is for sale, we are talking to several companies and Turkey's Arcelik is one of the five companies interested in buying the GE's household appliances unit,” Bloomberg on Wednesday reported Immelt as saying. Four more non-U.S. appliance manufacturers, including China's Haier, South Korea's LG Electronics, Sweden's Electrolux, Mexico's Controladora Mabe are potential bidders together with Turkey's Arcelik, Immelt said.

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