General Electric (GE) confirmed to Coins2Day Thursday that it is in talks to sell its appliances unit to Sweden’s Electrolux. Bloomberg reported that it is also in discussion with Quirky, an invention startup.
“GE is reviewing strategic options for GE Appliances and is in talks with Electrolux and other parties,” said a spokeswoman to Coins2Day in a statement, notably without mentioning Quirky. When pressed, the spokeswoman said that is the “only statement [and] info we are providing.”
She added: “GE is evaluating a wide range of strategic options for our Appliances business, including discussions with Electrolux and other interested parties. Regardless of the outcome of these discussions, our commitment to our customers will not waver.”
Separately, Electrolux announced on Thursday that it was in discussions with the U.S. Manufacturer. “No agreement has been reached, and there can be no assurances that an agreement will be reached. Any further announcements will be made in due course,” according to the company.
Quirky, meanwhile, declined to comment.
The sale of the appliance division may cost about $2 billion, according to Bloomberg, but the discussions may not necessarily lead to a deal.
The talks to sell General Electric’s unit come as CEO Jeffrey Immelt intends to focus more on industrial operations, according to the sources. Quirky would acquire a majority stake in the unity, leaving General Electric with minority holding. The company has attempted to sell its appliances division in the past.
General Electric invested $30 million in the startup back in November. The New York-based Quirky also has access to patents from General Electric, according to Bloomberg, after they partnered up in 2014 to develop smart home appliances.
Back in June, General Electric acquired the energy unit of France’s Alstom for $17 billion.
