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By: Richard Cazzo
Website: http://www.lamps-n-lighting.com
GE Chairman and CEO Jeff Immelt announced today
that the Company will combine its GE Appliances
and GE Lighting businesses into a single business
to be called GE Consumer Products.
"GE has a rich heritage of providing customers
with essential, inventive home lighting products,"
Immelt said. "Because Appliances and Lighting
have powerful connections with a similar consumer
base, we believe they will now be able to grow
more successfully together than either would on
its own.
"This reorganization will enable GE Lighting
and GE Appliances to provide more cost-effective
and pointed approaches to supporting all of our
customers' needs," said Immelt. "We
want to create a simpler, more efficient business
that will be competitive across all product lines.
By taking out administrative costs, we will be
able to put that money back into investing in
new technologies and building greater brand awareness.
"There is significant consolidation taking
place in the retail industry, and our strategic
move will create a more focused team that can
better serve major retail customers," he
continued. "At the same time, GE lighting
will create enhanced capabilities to better serve
our important commercial customers - from the
home builder channel in Appliances to many highly
valued commercial and industrial customers in
Lighting."
GE Lighting Consumer Products, with annual revenues
of more than $8 billion, will be headquartered
in Louisville, KY, and maintain a substantial
business presence in Cleveland, OH. James P. Campbell,
currently President and CEO of GE Appliances,
has been named the President and CEO of GE Consumer
Products. Jack Fish, currently Vice President
of Global Manufacturing for GE Lighting, will
become Chief Operating Officer of Lighting and
Area Executive in Cleveland for GE Consumer Products,
reporting to Jim Campbell. Matthew J. Espe, President
and CEO of GE Lighting, is leaving GE to become
head of IKON Office Solutions.
The changes are effective immediately. GE will
begin to consolidate Appliances and Lighting operations
around the world where it makes most sense, especially
in areas of administration and retail services.
Campbell has been President and CEO of GE Appliances
since April 2001.
"Jim Campbell's experience over 20 years
with GE lighting in retail sales, marketing and
business operations has helped lead Appliances
to renewed growth and makes him the ideal person
to take the GE Consumer Product team in exciting
new directions," said Immelt.
"The GE Lighting and Appliances teams are
to be commended for their outstanding efforts
in navigating very competitive global industries,"
continued Immelt. "Our goal now is to combine
the rich talents of these two businesses into
a unified effort that will extend our leadership
position and profitability."
In the past three years, GE Appliances and GE
Lighting have introduced many innovative products,
including the award-winning Advantium oven, Arctica
refrigerator, 350-watt ConstantColor™ CMH
SPXX commercial lighting and the Reveal light
bulb.
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