Reuters, citing unnamed sources, reported that ABB Ltd of Switzerland and Schneider Electric SE of France are competing to buy General Electric’s Industrial Solutions division. The story named several private equity firms believed to be interested as well. Reuters’ sources estimated the business could fetch as much as $3 billion.
GE said when it announced its intent to sell the business late last year that the sale would improve profitability and raise cash for mergers and acquisitions. GE Industrial Solutions includes the company’s electrical distribution, switchgear and critical power product lines, which are among the products that formed the original foundation of the company.