General Electric and ABB are returning to negotiations on the potential sale of its industrial solutions business to the Swiss engineering firm.

GE has moderated its price expectations, according to Reuters. The move is in line with new CEO John Flanery’s desire to divest non-core assets.
General Electric
The company seeks to sell its industrial solutions business for a little over $2bn after initially hoping for more than $3bn, four sources said this week. The talks with ABB had ended last month over price disagreements.

The industrial solutions business offers circuit breakers, relays, panel boards and other industrial electrical equipment for several markets, including renewable energy, data center as well as healthcare, mining, telecommunication and construction sectors.

GE has been reviewing its portfolio after divesting its finance, appliances and NBCUniversal nits in recent years.

ABB Chief Executive Ulrich Spiesshofer has been under pressure to tackle lower profitability at the Swiss engineering company, after higher raw material prices and overcapacity issues dented its latest quarterly earnings.