ABB divests two electrification joint ventures in Shanghai

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

Part of ABB's active portfolio management strategy

ABB has signed a binding agreement to sell all of ABB's shares in Shanghai ABB Circuit Breaker Co., Ltd. and Shanghai ABB Guangdian Electric Co., Ltd. to Shanghai Guangdian Electric Group (SGEG), ABB's joint venture partner in both companies. Financial details were not disclosed.

Shanghai ABB Circuit Breaker Co., Ltd. and Shanghai ABB Guangdian Electric Co., Ltd. were acquired by ABB in 2018 through the sale and purchase of GE Industrial Solutions. ABB currently holds a 60% stake in both joint ventures.

After the sale, the two companies in Shanghai will be wholly owned by SGEG, who will continue to manufacture and sell medium and low voltage circuit breakers, switchgear and transformers in China. ABB and SGEG will continue to operate as long-term collaborative partners through a multi-year mutual supply agreement.

ABB divests two electrification joint ventures in Shanghai

"This divestiture will reduce the complexity of our electrification and increase our focus on this critical market. Together, it represents ABB's ongoing active portfolio of investments," said Tarak Mehta, President of ABB Electrification.

It is expected to be completed in the fourth quarter of 2019, subject to certain regulatory conditions required by the Shanghai Stock Exchange and the Ministry of Commerce of China. ABB will work with SGEG to ensure a smooth transition for customers and employees.

ABB's relationship with our country dates back to 1907. After decades of development, ABB today 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 contributed more than $2.4 billion in our country.

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