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ABB to Divest Two Shanghai Based Electrification JVs

Power News - Published on Tue, 05 Nov 2019

Image Source: abb.com
ABB has signed a binding agreement to divest all ABB shares in Shanghai ABB Breakers Co Ltd and Shanghai ABB Guangdian Electric Co Ltd to Shanghai Guangdian Electric Group, ABB’s joint venture partner in the two companies. Financial details were not disclosed. Shanghai ABB Breakers Co Ltd and Shanghai ABB Guangdian Electric Co Ltd were acquired by ABB in 2018 with the GE Industrial Solutions transaction. ABB currently holds a 60 percent stake in the two joint ventures. After the sale, the two Shanghai companies will be fully owned by SGEG, and they will continue to manufacture and market low- and medium-voltage breakers, switchgear and transformers in China.

ABB and SGEG will continue to operate as long-term partners via a multi-year mutual supply agreement.

Completion, which is expected during Q4 2019, will be subject to the satisfaction of certain regulatory conditions required by the Shanghai Stock Exchange and China’s Ministry of Commerce. ABB will work with SGEG to ensure a smooth transition for customers and employees.

Source :

Posted By : Rabi Wangkhem on Tue, 05 Nov 2019
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