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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.”

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