Swiss engineering company ABB Ltd. agreed to General Electric Co.’s industrial solutions business for $2.6 billion to strengthen its foothold in the U.S., the world’s biggest market for electrification products like circuit breakers and switchgears.
ABB will incur costs of $400 million over five years to integrate GE’s industrial solutions unit, Chief Executive Officer Ulrich Spiesshofer told journalists on a call Monday. He said he’s prepared for the challenge of reversing its waning market share and years of under-investment at the business, which is in need of some “support” and “oxygen.”
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