(Bloomberg) -- TE Connectivity, which designs and builds electronic components, is considering options for its medical contract manufacturing business, including a sale that could value the operations at more than $2 billion, according to people with knowledge of the matter.

The Schaffhausen, Switzerland-based company is working with an adviser to run an auction process for the business, which makes products including specialty needles and metal tubing for the medical industry, according to the people, who asked not to be identified because they aren’t authorized to speak publicly. 

The unit, which sits within TE Connectivity’s industrial solutions business, is attracting interest from private equity firms, the people said. No final decision has been made and TE could elect to keep the unit, the people said.

A representative for TE didn’t respond to requests seeking comment. 

TE Connectivity is listed on the New York Stock Exchange with a market capitalization of more than $46 billion. The company boosted its medical expertise with the $895 million purchase of Creganna Medical Group from UK-based Permira in 2016, according to data compiled by Bloomberg. 

The company, which has its North American main office in Berwyn, Pennsylvania, can trace its origins back to 1941 as a maker of electrical products for the US military. That company became Tyco International, which split into three units in 2007 with the electrical arm re-branding as TE Connectivity in 2011, according to its website. 

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