By John Revill
ZURICH--ABB Ltd (ABBN.VX) said Tuesday it would sell a U.S.
generator-set business, marking the first major action taken by new
chief executive Ulrich Spiesshofer.
The Zurich-based maker of power and automation technology said
it would sell a generator-set business owned by Baldor, a
subsidiary based in Oshkosh, Wis., to Generac Holdings Inc. (GNRC).
Generac makes generators and other engine-powered products.
Terms of the deal, which is expected to close by the end of the
fourth quarter, weren't released.
The deal, the first since Mr. Spiesshoffer took over last month,
marks a break from U.S.-focused mergers-and-acquisition strategy
charted by his predecessor Joe Hogan. Mr. Hogan resigned
unexpectedly in May citing personal reasons.
ABB said it was selling the business because of limited
synergies with the company's core portfolio.
"The divestment is in line with our strategy to continuously
optimize our portfolio and to focus our efforts on driving
profitable growth in our core automation and power businesses," Mr.
Spiesshofer said in a statement.
Write to John Revill at john.revill@wsj.com
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