GE 2015 Annual Report Download - page 87

MD&A SEGMENT OPERATIONS | APPLIANCES & LIGHTING
GE 2015 FORM 10-K 59
OPERATIONAL OVERVIEW
(Dollar in billions)
2015 GEOGRAPHIC REVENUES: $ 8.8 BILLION 2015 SUB-SEGMENT REVENUES
SIGNIFICANT TRENDS & DEVELOPMENTS
x During the third quarter of 2014, GE signed an agreement to sell its Appliances business to Electrolux AB for $3.3 billion.
On July 1, 2015, GE was notified that the Department of Justice had initiated court proceedings seeking to enjoin the sale
of Appliances to Electrolux AB. On December 7, 2015, GE announced that it had terminated its agreement to sell its
Appliances business to Electrolux AB and would pursue other options to sell the Appliances business. GE received a
break-up fee of $175 million from Electrolux AB.
x On January 15, 2016, GE announced the signing of a definitive agreement to sell its Appliances business to Qingdao
Haier Co., Ltd. (Haier) for $5.4 billion. The transaction has been approved by the board of directors of GE and of Haier,
and remains subject to customary closing conditions, including Haier shareholder approval, and regulatory approvals. The
transaction is targeted to close in mid-2016.
x While the demand in the non-LED market segment is slowing, there is a strong global shift to energy efficient lighting
including continued growth in LED products.
x Launched Current, powered by GE, a digital power service business to deliver integrated energy systems combining
LEDs, solar, storage and onsite power.
GE 2015 FORM 10-K 59