GE to Sell Gas-Engine Business to Advent International
BOSTON—General Electric Co. has agreed to sell its industrial gas-engine business to Advent International for $3.25 billion, according to Bloomberg.com. CEO John Flannery said Monday that the private-equity firm will acquire GE’s Jenbacher and Waukesha engine brands and manufacturing sites in Austria, the U.S. and Canada. The deal is expected to close in the fourth quarter.
Distributed Power produces heavy-duty engines that generate power and heat for industrial facilities. The business, which has about 3,000 employees, posted sales of $1.3 billion last year. Its sale furthers Flannery’s pledge to narrow GE’s focus as he seeks to stem one of the deepest slides in the company’s 126-year history. The CEO agreed last month to unload GE’s locomotive division as part of an effort to sell $20 billion of assets.