General Electric (GE) is in talks to sell its industrial solutions unit to Swiss-based engineering firm ABB Ltd (ABB) for between $2.5 billion to $3 billion, according to Bloomberg.

The two companies are likely to announce the deal by next week. A spokesperson for the Swiss company said it does not "comment on market rumors," according to the report.

The American multinational conglomerate resumed discussions to sell industrial solutions unit with ABB after CEO John Flannery assumed the role on August 1.

Shares of General Electric traded up 0.24% to $24.82 in early trading Friday.

More of What's Trending on TheStreet:

More from Stocks

Dow Turns Higher as Microsoft Gives Stocks a Boost

Dow Turns Higher as Microsoft Gives Stocks a Boost

The Bear Case on Microsoft's Record-Setting Stock

The Bear Case on Microsoft's Record-Setting Stock

Facebook's Price Target Is Raised Ahead of Second-Quarter Earnings

Facebook's Price Target Is Raised Ahead of Second-Quarter Earnings

How to Trade General Electric's Stock After Earnings for Superior Gains

How to Trade General Electric's Stock After Earnings for Superior Gains

Top Strategist Reveals the Stocks to Focus On For the Last Half of 2018

Top Strategist Reveals the Stocks to Focus On For the Last Half of 2018