2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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SEOUL, South Korea - General Electric Co.'s plans to sell or spin off its appliance business has the potential to shake up the industry and the South Korean appliance maker LG Electronics is watching the situation closely, CEO Nam Yong said Tuesday.
| GE | 17.55 |  -0.58 |
"This could greatly impact the entire appliance industry," Nam told reporters. "This might reshape the digital appliance market globally so we are watching very closely."
He was responding to a question about whether LG itself might be interested in acquiring the business. Asked again later, he reiterated that his company was monitoring the situation and said he could not comment further.
Fairfield, Conn.-based GE said earlier this month that it plans to sell or spin off its iconic appliance business that has sold refrigerators, washing machines and dishwashers for a century, part of an ongoing restructuring plan.
Nam said that he had no plans to meet GE Chairman and CEO Jeffrey Immelt during his visit to Seoul on Tuesday and Wednesday.
LG Electronics Inc. is South Korea's largest home appliance manufacturer. It is also a major global seller of flat screen televisions and ranks No. 4 in the world in mobile phone handset sales.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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