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Report: GE mulling sale of industrial gas engine biz

General Electric Co. is considering a sale of its industrial gas engine business, Reuters reported, citing "people familiar with the matter."

The business, which makes multi-ton gas turbines that generate on-site power for industrial plants, could be worth up to $2 billion, according to the report. GE is reportedly working with Citigroup Inc. to prepare a sale process.

GE recently agreed to sell part of its overseas lighting business for an undisclosed amount to a company controlled by Joerg Bauer, who was president of GE Hungary, Reuters reported Feb. 15, citing a statement from GE. The transaction includes GE Lighting in Europe, Africa, Turkey and the Middle East, along with Global Automotive Lighting businesses. GE said it would market for sale the rest of GE Lighting.

In January, CEO John Flannery said during a conference call that "everything is on the table" when it comes to assessing how to realign GE's businesses. "We're looking aggressively at the best structure or structures for our portfolio to maximize the potential of our businesses," he said.