General Electric sells Wayne fuel dispensing unit

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