ABB to Divest Stakes in Two Chinese Joint Ventures
October 31 2019 - 6:09AM
Dow Jones News
By Kim Richters
ABB Ltd. (ABBN.EB) said Thursday that it is selling its stakes
in two Chinese companies to Shanghai Guangdian Electric Group Co.
(601616.SH), its joint-venture partner for the two businesses.
The Swiss engineering company said it will divest all of its
shares in the electrification businesses Shanghai ABB Breakers Co.
and Shanghai ABB Guangdian Electric Co. It currently holds a 60%
stake in the two companies.
"The divestiture will reduce the complexity of the
electrification business in China and improve our focus in this key
market," said Tarak Mehta, president of ABB's electrification
business.
The company originally took over the stakes last year, when
acquiring GE Industrial Solutions, it said.
ABB didn't comment on the financial terms of the deal, which is
expected to close in the fourth quarter of the year.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 31, 2019 05:54 ET (09:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
ABB (NYSE:ABB)
Historical Stock Chart
From Aug 2024 to Sep 2024
ABB (NYSE:ABB)
Historical Stock Chart
From Sep 2023 to Sep 2024