GE Is Said to Ready $1.5 Billion Sale of Power-Conversion Unit

General Electric Co. is working with bankers on a possible sale of its power-conversion business, people familiar with the matter said, as the manufacturer attempts to regain its footing by slimming down.

The unit formerly known as Converteam could fetch about $1.5 billion, below the $3.2 billion GE paid for the assets in 2011, said the people, who asked not to be identified as the matter isn’t public. Credit Suisse Group AG is working with GE on the sale process, which could begin as soon as next month and isn’t guaranteed to lead to a transaction, the ...