PROVIDENCE – General Electric Co. is seeking a buyer for key parts of its digital business, according to the Wall Street Journal Monday.
The company has reportedly hired an investment bank to run an auction for elements of its overall digital business.
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GE Digital, which has operations in Providence, reported revenue of $4 billion last year, but it is unlikely the company would lose all of that income to an acquirer of the digital business, as the company is expected to continue to provide digital services to its aviation and power customers.
The company recently said it plans to sell more than $20 billion in assets from various parts of the company as part of a company refocus.
GE Digital was a large part of former GE CEO Jeffrey Immelt’s strategy for the company. His replacement, John Flannery, has reportedly already cut jobs in the division and said that the segment would provide support for existing customers and core businesses, rather than services for other customers.
In September, GE told PBN that hiring at the Providence DE Digital information technology center was on track to meet the original projections. Last August, the office had 60 employees.
The company could receive up to $5.6 million in incentives if it generates over 100 jobs in the state over time.
