General Electric, under pressure from investors to shed slower-growing businesses and lift the conglomerate’s slumping share price, is preparing to spin off its consumer and industrial business to shareholders next year.

The decision comes two months after GE said it would seek buyers for the division’s appliances unit. While Jeff Immelt, GE’s chief executive, had noted that “scaling up” a spin-off to include the lighting and industrial branches of the business was under consideration, he also said the appliances group had drawn inquiries from several potential bidders.