Effect of ABB-Hitachi sale on Jefferson City transformer plant unknown

Dec 21, 2018
Companies
Posted by Patrick Haddad

ABB and Hitachi have announced that the sale of ABB’s Power Grids business is to close in 2020, including the Jefferson City transformer plant.

The transformer plant in Jefferson City, Missouri employs 770 local workers and is to be included in the sale of ABB’s Power Grids business to the Japanese conglomerate Hitachi, a sale reported to be worth $11 billion.

The deal is expected to close in the first half of 2020, with an initial sale of 80.1 percent of Power Grids for roughly $9.1 billion, according to a press release from ABB’s home office in Zurich. The company said the initial partial sale will help with a smooth transition between companies.

“Shifting customer landscape and the need for financing and increased government influence, ABB believes Hitachi is the best owner for Power Grids”, said the press release.

Officials at ABB in Jefferson City have not yet commented on the sale.

 

Source: Krcgtv

Photo (for illustrative purposes): ABB building/ Fanimu/ Wikimedia/ CC BY-SA 3.0

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