According to US business media reports, the Fairfield, Connecticut-based General Electric Company is looking to sell its appliances unit – one of the longest-running businesses in the conglomerate’s 120-year history.

The company has hired Goldman Sachs to run the auction, which could bring in $5 billion to $8 billion.

The news came out after G.E. chief executive, Jeffrey Immelt tried to fix the troubled conglomerate, which has been hit unexpectedly hard by the credit market’s decline and the slumping economy.

GE’s appliance unit manufactures refrigerators, stoves and other so-called "white goods". The business made up about 4 percent of the company's $173 billion in revenue last year.