Painful moves by GE to stay afloat. These are profitable businesses and could become central in distributed power world (oxymoron?). Both divisions are probably happy to be out of the mess. They squandered money on bad deals and stock buy backs. Now selling good assets to save mother ship.
Good luck folks in W & J.
GE nearing deal to sell industrial engines unit to Advent: WSJ
(Reuters) - General Electric Co (GE.N) is close to a deal to sell its industrial gas engines business to private equity firm Advent International for $3 billion or more, The Wall Street Journal reported on Sunday, citing people familiar with the matter.
A deal could be announced on Monday, the report said.
Divesting the industrial gas engine business, which includes the Jenbacher and Waukesha engines, would help streamline GE's power division, whose profit plunged 45 percent last year as sales of power plants and services fell sharply.