ABB completes the divestiture of two electrification joint ventures in Shanghai

Create Date: 2024-8-30 12:03:23|Source: ABB

ABB has completed the sale of its entire stake in two electrification joint ventures, Shanghai ABB Circuit Breaker Co., Ltd. and Shanghai ABB Guangdian Electric Co., Ltd., to a majority-owned subsidiary of Shanghai Optoelectronics Group (SGEG), which is a joint venture of ABB. Venture capital partners of both companies. Financial details were not disclosed.

Tarak Mehta, President of ABB's Electrification business, said: "The completion of this divestiture reduces the complexity ·of China's electrification business and increases our focus on this key market. This is an important step forward in ABB's aggressive portfolio management continuity strategy. ”

As part of the acquisition of GE Industrial Solutions in 2018, ABB acquired 60% of the shares in both joint ventures. With the completion of the transaction, SGEG now owns two Shanghai-based companies. ABB and SGEG will continue to operate as long-term partners through a multi-year mutual supply agreement.

ABB's relationship with China dates back to 1907. After decades of development, ABB has a full range of business activities in China, including R&D, manufacturing, sales and service. The company operates 44 local companies in more than 130 cities with nearly 20,000 employees. China is ABB's second largest market in the world, with more than 90% of sales coming from locally made products, solutions and services. Since 1992, ABB has invested more than $2.4 billion in China.

ABB completes the divestiture of two electrification joint ventures in Shanghai

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