NEW YORK (CNN/Money) - General Electric Co. is preparing to restructure or shed parts of its industrial businesses and could get out of some long-held high profiles businesses such as appliances and light bulbs, according to a published report Wednesday.

The Financial Times reported quotes John Rice, a GE vice chairman, as saying the company needs to look at ways to reinvigorate the industrial and consumer business unit that employs 100,000 people and makes some of its best-known products, includes household appliances, lighting, plastics, security scanners and equipment leasing.

Rice told the paper that some of the businesses might be more valuable to another company.

"There are a few that we have identified already and others are at various stages," he told the paper. "Some we are pretty sure do not fit; some we hope to be able to reconcile and some we are not sure about."

Rice did not give any other details to the paper about which businesses are on the bubble, but said he was taking a "blank sheet" approach to determine which product lines should go and which should stay with GE.

He said there are no "sacred cows" to be left out of the review, even though the appliance and lighting businesses depend upon the GE name for much of their value or contribute substantial earnings to the company.

The company's industrial and consumer business unit saw sales rise 7 percent and income rise 24 percent in 2004. But that was less than the growth at some other units, including health care and NBC Universal.

The industrial and consumer unit also produced 9 percent of company sales in 2004, but only 3 percent of its operating income. That has slipped from about 4 percent of revenue and 7.5 percent of company earnings as recently as 2000.

GE has seen solid earnings growth, since the fourth quarter of 2004, but its stock is little changed in the last year.

For a look at challenges at GE's NBC Universal unit, click here.