GE to sell US$8bn appliances division

General Electric has hired Goldman Sachs bankers to run an auction for the business that could see a number of players make a US$5bn-to-US$8bn bid for the business, The Wall Street Journal is reporting.

Potential bidders include Germany’s BSH Bosch & Siemens Hausgeräte, China’s Haier Group, Mexico’s Controladora Mabe, in addition to private equity players.

The appliances division is considered to be a small part of GE’s overall business; and after GE reported a 5.9% fall in Q1 net income and lowered its earnings forecast for the year, a sale of the business could now appease shareholders’ demands for better returns.