General Electric has resumed negotiations to sell its industrial solutions business to ABB, according to a report on Reuters.com.
The US conglomerate’s industrial solutions business includes products such as circuit breakers, relays, panel boards and other technologies for sectors including power generation, telecommunications and mining.
Swiss company ABB had previously talked to GE about possibly purchasing the business, and the price it offered was said to be $2 billion.
However, GE is said by Reuters to have wanted $3 billion, so negotiations ended at that point.
But the then GE chief executive, Jeffrey Immelt, has left the company, and the new CEO, John Flannery, is said to be keen to make a deal.