The Transportation Division of GE (86% of its revenue comes from Locomotives and rail related services) is and has been for quite a while, quite separate from GE Power, which was previously part of GE Energy (which recently got divided three ways into GE Power, GE Gas and Oil, and GE Energy Management). GE. Power is still strategic for GE while the Transportation Division, which accounts for only 4% of GE's revenue, is not.
I think the organizational structures for effecting such a spinoff are already in place, and organizationally it should be very easy for them to hive off and sell GE Transportation. I am sure some branding outfit given a few million dollars will find no difficulty in coming up with some nondescript sexy name for it too, should such a need arise.