By Joshua Stein


ABB Ltd. said Wednesday that it has taken a significant equity stake in Canadian company Planar Motor Inc. as part of a technology agreement.

The Swiss engineering company said the partnership will allow it to integrate PMI's magnetic levitation technology into its machine automation division's portfolio.

ABB said this supports a transition toward flexible and precise manufacturing, from the strictly linear production it had before.

ABB didn't disclose the financial terms of the partnership.


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(END) Dow Jones Newswires

January 27, 2021 05:51 ET (10:51 GMT)

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