ABB confirms divestment of Power Grids business at the end of Q2 2020
ABB has confirmed that the divestment of its Power Grids business is “on track with closing expected at the end of the second quarter 2020”.
According to ABB’s full-year and Q4 2019 results press statement, the Power Grids business will be divested to Hitachi in 2020.
“The divestment of Power Grids is on track and we are clearly starting to see the positive effects of implementing our new operating model and new culture,” said Peter Voser, Chairman and CEO of ABB.
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On December 17, 2018, ABB announced an agreed sale of its Power Grids business. Consequently, the results of the Power Grids business are presented as discontinued operations.
“We have made good progress in 2019, gradually reducing stranded costs as part of the Power Grids carve-out process, steadily working through non-core and other legacy issues that hinder performance of the group and realizing savings through our ABB-OS simplification program,” said Timo Ihamuotila, CFO of ABB.
Photo: Peter R. Voser, Chief Executive Officer, since April 2019, ABB Ltd. / ABB