GE selling distributed power unit for $3.25B

BOSTON (AP) — GE is selling its distributed power unit to Advent International for $3.25 billion as it continues to shed businesses.

The deal includes distributed power’s Jenbacher and Waukesha engines and manufacturing sites in Austria, Canada and the U.S.

The distributed power business had 2017 sales of $1.32 billion and has about 3,000 workers.

The deal is expected to close by the fourth quarter.

GE Chairman and CEO John Flannery was tasked last year with reshaping the Boston company. GE has shrunk dramatically since it became entangled in the financial crisis a decade ago, and Flannery has vowed to shed $20 billion in assets quickly. Former CEO Jeff Immelt left last June, and its CFO left several days later.

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Shares of General Electric Co. fell slightly in early morning trading on Monday.

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