Contact for queries :  

GE nears $3 billion deal to sell off industrial-engine unit


General Electric Co. is nearing a deal to sell a unit that makes large industrial engines to private-equity firm Advent International for $3 billion or more, people familiar with the matter said, a move that would bring in needed cash for the struggling conglomerate.

A deal, if completed, could be announced on Monday, the people said. Advent appears to have beaten out Cummins Inc.

CMI, +0.60%

  in an auction for the businesses, according to the people.

Read: Why GE stock may be a buy after getting dumped from the Dow

The sale is another step in Chief Executive John Flannery’s push to simplify the beleaguered company after years of underperformance, by selling $20 billion worth of assets by the end of next year. GE

GE, +2.27%

  last month agreed to sell its railroad division in a complex deal worth $11 billion.

An expanded version of this report appears on

Also popular on

Random demands and frozen computers: Hackers hit towns across the U.S.

A generation of Americans is entering old age the least prepared in decades.

Source link

June 24, 2018

0 responses on "GE nears $3 billion deal to sell off industrial-engine unit"

Leave a Message

Your email address will not be published.