General Electric may sell a unit that manufactures industrial engines to a private equity firm, The Wall Street Journal reported on Sunday, as part of a wide ranging effort to revitalize the moribund manufacturing giant.
The Journal, citing unnamed sources familiar with the matter, said GE could complete a transaction as soon as Monday that would be worth $3 billion or more. Advent International is said to have topped another firm that also bid on the unit, the publication said.
The company's CEO, John Flannery, is in the middle of a broad restructuring that may see the industrial behemoth sell or spin off swaths of its portfolio. Toward that end, GE is examining multiple ways to sell or spin off more than $20 billion in assets.