FAIRFIELD, Conn., Nov. 15 (UPI) -- U.S. corporate behemoth General Electric said Friday it would split off its retail lending business in 2014 after reducing its share of the business this year.
GE said it would file for an initial pubic offering for its North American finance business after selling 20 percent of the operation to raise cash, The Wall Street Journal reported Friday.
GE Capital is attempting to return its focus to its industrial operations, the Journal said. The company also said Friday that it would sell its advanced sensors business to Amphenol Corp. for $318 million.
President and Chief Executive Officer of Amphenol, R. Adam Norwitt, said the sensors business "represents a significant long-term expansion opportunity."
The deal is expected to close before the end of the year, the Journal said.