ABB, Schneider Electric, PE firms in the race for GE’s industrial solutions division

22 Apr 2017

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European engineering giants ABB Ltd, Schneider Electric SE and private equity firms are in the race to buy General Electric Co's industrial solutions division worth around $3 billion, Reuters reported, citing people familiar with the matter.

ABB and Schneider Electric are through to the second round of bidding, while private equity firms, like KKR & Co, Clayton Dubilier & Rice, Warburg Pincus and Onex Corp are also in the running, the report said.

GE's industrial solutions business sells electrical-distribution products such as circuit breakers and switchgear to the electrical-distribution and grid industries, and has about 13,000 employees and 30 plants globally.

GE had in December last year said that it would sell its $3-billion industrial solutions business, as well as its water filtration and chemicals division, and expects the divestitures to generate about $4 billion of net proceeds.

Last month, GE struck a deal to sell its industrial water treatment business to French waste and water group Suez SA and Canada's largest pension fund Caisse de dépôt et placement du Québec for $3.4 billion. (See: General Electric to sell water and process technologies business for $3.4 bn)

GE is also mulling to sell its consumer-lighting business in a deal that could value the 127 year-old unit co-founded by Thomas Edison, at around $500 million.

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