GE SELLS INDUSTRIAL UNIT TO ABB IN $2.6B DEAL

General Electric is shrinking its conglomerate footprint anew with a $2.6 billion sale of its GE Industrial Solutions business to Zurich-based electrical components maker ABB. The division makes a wide range of products including circuit breakers, switchboards and transformers. ABB manufactures many of the same items. The deal marks GE’s latest effort to shed assets and focus on businesses and digital products with higher profit margins. The company has faced pressure to boost profits by activist investors Trian Management Fund, led by Nelson Peltz.