General Electric Co. plans to auction its appliances business.

The Fairfield, Conn., industrial conglomerate said Friday the move is part of an ongoing plan to exit "slower growth and more volatile businesses."

The possible sale by GE's 101-year-old appliance business makes sense as consumer sales fall and financing continues to be squeezed, analysts said.

GE said it will start a strategic review that will result in an outright sale, a strategic partnership or a spin-off to shareholders.

The company said the Louisville, Ky.-based business, which makes refrigerators, air conditioners and ovens, generates most of its revenue in the U.S., leaving its results dependent on "the rise and fall of a single market."

Business Week reports that by jettisoning one of its most iconic units, GE would join a small but high-profile club of companies that famously parted ways with businesses once synonymous with their brand names. Companies such as IBM and Eastman Kodak have also -- either because of financial straits or tactical maneuvering -- transformed themselves by letting go of ventures that once defined them.