ABB plans makeover of GE's 'unloved child' in USD 2.6 billion deal

Swiss engineering company ABB to strengthen its foothold in the US, the world's biggest market for electrification products.

Photo: /ritzau/AP/Thibault Camus

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.”

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

NKT targets double revenue in business unit

The Danish cable manufacturer closes the second quarter with flying colors, with a record-sized order book resulting in factory expansion, which along with other extensions propels the Solutions division forward to nearly doubling its top line.

Uniper hits Q2 net deficit of EUR 9.3bn

Just as expected, the German utility is hit hard by supply commitments forcing natural gas purchases on the wholesale market. State bailout keeps the business floating.

US IRA bill compromises leave sour taste with activists

Now signed by the US president and thus fully formalized, the watered-down version of Biden’s climate campaign bill – full of compromises to get conservative Democrats on aboard and thus attracting critique from many observers – nonetheless contains the nation’s most sweeping legislation supporting the green transition to date, thereby on account of sheer size reviving some hope of averting the worst outcome for global climate.

Further reading

Related articles

Latest News

See all jobs