GE Scraps $3.3 Billion Appliance Unit Sale to Electrolux
GE has scrapped a $3.3 billion plan to sell its home appliance business to the Swedish company Electrolux, a deal opposed by U.S. regulators over concerns about competition.
The Fairfield, Connecticut, conglomerate said that it will continue to run the business as it looks for other options to sell it.
General Electric Co. offered no reason for its decision in a brief statement released Monday.
Electrolux is the world's second-biggest home appliance maker after U.S. rival Whirlpool (WHR). The Stockholm-based company sells most of its products in the U.S. under the Frigidaire brand.
The U.S. Department of Justice had sued to stop the deal in July, saying the combined company would dominate sales of ovens and other cooking-related kitchen appliances, especially to customers such as homebuilders, property managers, hotels and governments.
