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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| GE Aerospace | NYSE:GE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 3.01 | 1.88% | 162.71 | 162.825 | 159.4205 | 161.39 | 5,030,409 | 01:00:00 |
From May 2019 to May 2024
By Nathan Allen
Swiss industrial conglomerate ABB Ltd. (ABB.SK) said Monday it will buy General Electric Co.'s (GE) Industrial Solutions unit for $2.6 billion.
The acquisition will expand ABB's access to the North American market and has the potential to save around $200 million a year in cost synergies within five years, the company said.
ABB Chief Executive Ulrich Spiesshofer said the two companies have also agreed to establish a long-term strategic supply relationship, which will create "significant value for shareholders."
GE Industrial Solutions, which posted revenue of $2.7 billion in 2016, will be integrated into ABB's Electrification Products division, which manufactures and installs components for low and medium voltage electrical systems.
ABB said it has decided to put a previously announced share buyback program on hold because of the transaction, which it expects to close in the first half of 2018.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
September 25, 2017 01:46 ET (05:46 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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