ABB: divests electrical conversion division
(CercleFinance.com) - ABB today announced that it has reached an agreement to sell its electrical conversion division to AcBel Polytech for 505 million dollars in cash.
The transaction, which is subject to regulatory approvals, is expected to close in H2 2023.
Based in Plano, Texas, the division, which is considered non-core to ABB, has about 1,500 employees and generated operating profit of approximately 50 million dollars on revenues of approximately 440 million dollars in 2022.
Upon the sale's completion, the latest of the previously announced measures on its portfolio of divisions, the Swiss engineering group expects to record a small non-operating book gain on this sale.
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