GE is climbing after offloading its industrial unit for $2.6 billion

General Electric GE AppliancesJoe Raedle/Getty ImagesGeorge Daniel Fortney dusts off General Electric appliances at Fortney’s Appliance store on January 23, 2009 in Fort Lauderdale, Florida.

General Electric is rising after announcing the sale of to Swiss power grid maker ABB for $US2.6 billion.

GE shares are up 0.54% on Monday at $US25 a piece.

The industrial unit makes circuit breakers and other components used for operating power grids.

ABB bought the unit hoping to gain a bigger footprint in the US. It also said it hopes to replace some of GE’s outdated offerings with its own.

The sale comes shortly after GE’s new CEO, John Flannery, completed his 100-day review of the company. Flannery took over for Jeff Immelt amid investor concerns about the company’s lagging stock performance relative to the general market.

GE’s stock is down 20.96% this year, while the S&P 500 is up 10.7%.

Click here to watch GE’s stock move in real time…

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.