By BLOOMBERG

HOUSTON • General Electric Co (GE) is nearing the sale of its factory power generation unit to Advent International for at least US$3 billion (RM12 billion), the Wall Street Journal (WSJ) reported.

The private-equity firm apparently triumphed over a competing bid from Cummins Inc and a transaction may be announced late yesterday, the newspaper reported, citing people familiar with the matter who weren’t identified. The assets include the Jenbacher and Waukesha industrial engine businesses, the WSJ said.

A GE representat ive declined to comment on rumours or speculation.

Advent and Cummins spokesmen couldn’t immediately be reached for comment outside regular business hours.

The potential sale could come just weeks after GE agreed to unload its centuryold locomotive division, as CEO John Flannery sheds unwanted assets and narrows the company’s focus on markets such as aviation and healthcare.

The divestitures, along with cost cuts and a revamped leadership, are designed to stem a slide in the company’s shares.

The Boston-based company will be removed from the Dow Jones Industrial Average on June 26 and replaced by Walgreens Boots Alliance Inc.

GE has dropped 25% so far this year to close at US$13.05 a share last Friday.

In the last year, the company has lost more than half of its market value.