AP file photos General Electric Co. says it will sell or spin off the appliance business that for a century has sold refrigerators, air conditioners and ovens for millions of homes. Here, a salesman checks a display last month at a San Gabriel store.

GE washing machines are lined up for sale recently at Howard's Appliance and Big-Screen Superstore in San Gabriel. GE Chief Executive Jeff Immelt said the company is looking hard at the slower growing and more volatile parts of its holdings.

NEW HAVEN, Conn. — General Electric Co. says it plans to sell or spin off the business that for a century has put appliances in American homes, a decision that analysts said could presage further asset sales.

The industrial conglomerate said in a statement Friday the move is part of an ongoing plan to exit "slower growth and more volatile businesses."

Last year, Fairfield-based GE shed its underperforming plastics business by selling it to a Saudi Arabian company for $11.6 billion.

"We think this is further recognition the company needs to exit the slow and no-growth businesses," said Robert Schenosky, an industrial analyst with Jefferies & Co. in New York who has long favored such moves. "It's a recognition that there is not anything that is untouchable at this point."

Schenosky said it's hard to predict what else GE might sell.

"Certainly other candidates could include the lighting business and even potentially NBC Universal," Schenosky said.

GE could be a dramatically different company in the coming years, Schenosky said.

He also said the company needs to look at the type of acquisitions it makes, saying deals in healthcare and entertainment made the company larger but did not boost earnings power in a meaningful way.

Matt Collins, an analyst at Edward Jones in St. Louis, said he would not be surprised to see GE sell its lighting and electrical distribution businesses.

"I think we'll continue to see them make strategic moves to get the stock working over the long term," Collins said. "This will probably be another noisy year for them."

GE shares fell 24 cents to $32.13 in trading Friday, near their 52-week low. Shares have traded between $31.50 and $42.15.

The stock had its worst day in decades last month after the company reported a smaller-than-expected first-quarter profit and lowered its outlook for the full year.

Chairman and Chief Executive Jeff Immelt has rejected calls to sell NBC, though he has been under pressure to restructure the industrial and financial conglomerate, particularly since last month's surprising first-quarter earnings report that profit fell 6 percent.

GE's 101-year-old appliance business, headquartered in Louisville, Ky., has been hurt by the housing slump and economic slowdown in the U.S. The appliance division had revenue of $7 billion last year and employs about 13,000 people worldwide.

"GE Appliances has a very strong brand ... and for more than 100 years has been one of the icons associated with GE in the United States," Immelt said. "However, its remains primarily a U.S. business, meaning its fortunes are tied to the rise and fall of a single market."

The company is planning a strategic review that could result in an outright sale of GE Appliances, a strategic partnership or a spinoff to shareholders.

"This review is consistent with the strategy we have been executing to transform our portfolio for long-term growth," Immelt said. "Since 2003 we have exited slower growth and more volatile businesses, generating $52 billion in gross proceeds from dispositions. These proceeds have been reinvested into a transformed portfolio of faster growth, higher margin businesses, stock buybacks and other restructuring activities."

Analysts estimate sales in the appliance business are likely to decline between 10 percent and 12 percent this year.

That stems from weak consumer spending and a drop in home improvement sales and residential construction.

Some have suggested a sale price in the low- to mid-$6 billion range.

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