Electrolux to Buy GE Appliance Business
In a major shakeup to the appliance sector, Electrolux has announced the purchase of GE's appliance business for $3.3 Billion.
The deal is a cash transaction. Electrolux will retain the GE Appliances brand name. According to the New York Times, the deal is expected to close in 2015.
"This transaction is consistent with our strategy to be the world’s best infrastructure and technology company,” said GE Chairman and CEO Jeff Immelt said in a statement.