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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ABB Ltd | NYSE:ABB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 37.13 | 0 | 00:00:00 |
From Dec 2022 to Dec 2024
By Joshua Kirby
ABB Ltd. said Friday that it will sell its power-conversion division to Taiwan's AcBel Polytech Inc. for $505 million, bringing to an end a divestment program set out at the end of 2020.
The business, based in Texas, was acquired in 2018 and isn't core to ABB, the Zurich-based industrial group said. Last year the power-conversion division made revenue of around $440 million and operating earnings of around $50 million, ABB said.
The sale to power-management company AcBel Polytech for $505 million in cash should be completed in the second half of the year, subject to regulatory approvals, ABB said.
The deal completes a divestment program that has included the sale of ABB's mechanical-power transmission business Dodge and the spinoff of turbocharger business Accelleron.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
January 20, 2023 03:06 ET (08:06 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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