Technology, media, and financial services company General Electric Co. (GE) is realigning its Louisville-based Consumer & Industrial division by placing its industrial products under GE Energy in a new division called Industrial Solutions, media reported Tuesday.
The Consumer & Industrial division produces various household appliances, lighting products, electrical equipment and control products, and related services. GE had earlier planned to spin off or sell the Consumer & Industrial division, but reversed those plans last year and said that the company would refocus its consumer products division on energy-efficient products.
Reports said that the division will be renamed GE Home & Business Solutions and will include home appliances and light bulbs along with alarms and advanced electronics. GE Senior Vice President Charlene Begley will head the new division and report to Chief Executive Jeffrey Immelt.
"As the U.S. economy recovers, there will be opportunities for growth in the Appliances and Lighting businesses. The team will focus on investing in ways to expand our leadership in green and smart appliances and in responding to the changes in the lighting industry," reports quoted Immelt as saying.
Further, reports said that Jim Campbell, who led the Consumer & Industrial division as its President and Chief Executive Officer, will oversee GE Appliances & Lighting and report to Begley.
Citing GE spokeswoman Kim Freeman, reports said that the reorganization would not involve layoffs at the Appliance and Industrial divisions. GE Home & Business Solutions will have 27,000 employees, down from the 39,000 employees that included the Electrical Solutions business. The company has also announced plans to add jobs in Louisville by 2013 to make hybrid water heaters and more efficient washers and dryers, reports stated.
GE closed Monday's trading at $15.45, up $0.32, on a volume of 67.08 million shares.
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