General Electric intends to sell its water treatment business as it pursues a merger between its oil and gas segment and oilfield services provider Baker Hughes.
Jeff Bornstein, GE's chief financial officer, said during a recent conference call that it made more sense to sell GE Water since it doesn't share the same markets as the oil and gas segment.
Reports also suggested that the segment was a prime target for divestment amid pressure from prominent GE investors to cut costs and bolster profits. The company aims to complete the sale by mid-2017.
"We've been evaluating the fit of GE Water in the portfolio for a period of time," Bornstein said on the call, according to the Philadelphia Inquirer.
GE Water provides chemicals, equipment and services for industrial and public water systems.
The Inquirer reported that Honeywell and Pentair were considered likely suitors.
