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ABB - Abb News Story

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Sector
Industrials
Size
Large Cap
Market Cap £49.08bn
Enterprise Value £50.37bn
Revenue £19.32bn
Position in Universe 189th / 6854

ABB prepares turbocharging unit for sale or spin-off, picks banks -sources

Wed 17th March, 2021 11:27am
FRANKFURT/ZURICH, March 17 (Reuters) - Swiss engineering
group ABB  ABBN.S  is preparing its turbocharging division for a
sale or stock market listing and has picked Goldman Sachs  GS.N 
and Credit Suisse  CSGN.S  to help with the divestiture, people
close to the matter said. 
    Chief Executive Bjorn Rosengren said last month that ABB
would exit the business towards the end of 2021, adding that the
business generates around 75% of its sales form services, which
made it very resilient. 
    ABB declined to comment on Wednesday, the banks were not
immediately available for comment.
    The company had said in November that it plans to offload
three of its most profitable businesses, turbocharging,
mechanical power and power conversion divisions, which have
combined annual sales of $1.75 billion, or around 6% of group
sales. urn:newsml:reuters.com:*:nL8N2I50JX
    People familiar with the matter have said that the
turbocharger business could raise fetch a price tag of $1.5 to
$2 billion. urn:newsml:reuters.com:*:nL1N2I5255
    

 (Reporting by Arno Schuetze, Oliver Hirt and John Revill)
 ((arno.schuetze@thomsonreuters.com; +49 30220133648;))
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