Electrical equipment maker nVent Electric plc (NYSE:NVT) is considering options for its heating cables business, including a sale, that could value the unit at more than $1.5 billion, according to people familiar with the matter. The company is working with an adviser to run an auction process for the division, said the people, who asked not to be identified because they weren?t authorized to speak publicly. The business is expected to attract interest primarily from private equity firms, though no final decision has been made and nVent may elect to keep the business, the people said.

A representative for nVent declined to comment. A sale would be the latest example of industrial conglomerates looking to unload assets as buyers become more comfortable with high interest rates and economic uncertainty. Honeywell International Inc. is currently looking to sell its PPE business, while Johnson Controls is in the process of divesting a number of its HVAC assets, Bloomberg previously reported.