U.S. industrial conglomerate General Electric Co. is considering a sale of the electrical engineering business it acquired for $3.2 billion in 2011, Reuters reported, citing four people familiar with the matter.
GE Power Conversion, formerly Converteam, is losing money and is expected to fetch less than GE paid for it, the sources reportedly said, adding that GE is looking for ways to shed the unit before starting a sale process.
The electrical engineering business, which GE bought to boost its presence in the sector, makes electrical motors and positioning systems for oil rigs, bulk transport ships and aircraft carriers, and power converters for solar farms, mines and mills.
The report comes as GE continues to evaluate its operations. A separate report by Reuters last month said GE is considering a sale of its industrial gas engine business, which could be worth up to $2 billion. CEO John Flannery said in January that "everything is on the table" when it comes to assessing how to realign GE's businesses.
