U.S. Markets open in 8 hrs 29 mins

General Electric sells Wayne fuel dispensing unit

The logo of U.S. conglomerate General Electric is pictured at the company's site in Belfort, April 27, 2014. REUTERS/Vincent Kessler

(Reuters) - General Electric Co (GE) has agreed to sell its Wayne fuel dispenser business to private investment firm Riverstone Holdings LLC, the U.S. conglomerate said on Wednesday.

Financial terms were not released. Reuters reported last week that a deal for Wayne would likely value the unit at between $500 million and $600 million, according to sources.

Austin, Texas-based Wayne was part of Dresser Inc, the energy infrastructure company that GE bought in 2010 for $3 billion. Wayne manufactures fuel dispensers for petroleum retailers and commercial fleets as well as compressed natural gas fueling pumps.

Riverstone previously owned a "significant" stake in Wayne through its investment in Dresser, according to a release posted on the energy-and-power investment firm's website.

GE said last month it was planning to divest $4 billion worth of its industrial businesses this year.

(Reporting by Lewis Krauskopf; Editing by Mohammad Zargham)