Business Corpus: Here Are The Latest Businesses GE Is Selling OffGeneral Electric is looking to sell its power-conversion unit and could shop it around to Caterpillar, ABB and France's Schneider Electric, as well as private equity firms. The post Here Are The Latest Businesses GE Is Selling Off appeared first on Investor's Business Daily.

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General Electric (GE) is reportedly looking to sell its power-conversion unit, and could shop it around to Caterpillar (CAT), ABB (ABB) and France's Schneider Electric, as well as private equity firms, Bloomberg said.

The business, which makes oil-rig and marine motors and generators, could fetch roughly half the $3.2 billion that GE paid for it in 2011, the report said, citing unidentified people. The sale process could begin as soon as September, and there's no guaranteed outcome.

News of the latest deal comes two days after Starwood Property Trust (STWD) announced it will buy GE Capital's energy project finance debt business for $2.56 billion. Starwood said the deal would complement its Starwood Energy Group affiliate, which makes energy infrastructure investments.

Shares of GE fell 1.2% to 12.78 in Friday's stock market action, a nearly two-month low. They continue to trade under both the 50-day and 200-day moving averages, at their lowest level in multiple years. Caterpillar dropped 2.2%, ABB lost 1.4% and Starwood eked out a 0.1% gain.

Shrinking GE

Last month, GE reported second-quarter profit fell 30% as the power market continues to show a severe downturn.

CEO John Flannery also affirmed progress on "our plans to make GE simpler and stronger." In the earnings release, the company called its $20 billion divestiture target substantially complete.

The planned asset sales include the conglomerate's industrial solutions, health-care IT, gas engines and rail businesses. Some are now complete.

As part of a massive restructuring, the conglomerate said in June it will also separate its health care unit and Baker Hughes (BHGE) oilfield-services business.

Flannery plans to keep the power, aviation and renewable energy businesses. But as the CEO aims to fix the troubled power unit, he will offload pieces such as industrial gas engines.

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