SEOUL, South Korea (AP) -- LG Electronics CEO Nam Yong said Tuesday that General Electric's plans to sell or spin off its appliance business has the potential to shake up the industry.
''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, Connecticut-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 also said that he had no plan 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.
