ABB (China) Co., Ltd. has completed the divestiture of two joint ventures of the Electrical Division in Shanghai, transferring the equity interests of ABB in Shanghai ABB Switch Co., Ltd. and Shanghai ABB Radio and Television Co., Ltd. to the holding subsidiary of Shanghai Guangdian Electric (Group) Co., Ltd., of which Shanghai Guangdian Electric (Group) Co., Ltd. is a joint venture partner. Financial details were not disclosed.
Mehta, President of ABB's Group Electrical Division, said: "This transaction will reduce the complexity of ABB's electric business in China and strengthen our focus on this key market. It is also an important step in ABB's aggressive portfolio strategy. ”
ABB acquired a 60% stake in the two joint ventures when it acquired GE Industrial Systems in 2018. With the completion of this transaction, Shanghai Guangdian Electric (Group) Co., Ltd. controls these two enterprises. ABB and Shanghai Guangdian Electric (Group) Co., Ltd. will continue to operate as long-term partners through multi-year supply agreements.
ABB's relationship with China dates back to 1907. After decades of development, ABB has a full range of business activities in China, including R&D, manufacturing, sales and engineering services, with 44 local enterprises and nearly 20,000 employees in more than 130 cities. Since 1992, ABB has invested approximately US$2.4 billion in China, deriving more than 90% of its sales revenue from locally manufactured products, systems and services. At present, China is the second largest market for ABB Group in the world.
ABB (ABBN: SIX Swiss Ex) is a global technology leader committed to driving the digital transformation of the industry. Based on a history of more than 130 years of innovation, ABB has four leading global businesses – Electrical, Industrial Automation, Motion Control, Robotics & Discrete Automation – and ABB Ability™ Digital Platform – at the center of its customers. ABB's power grid business will be transferred to the Hitachi Group in 2020. ABB Group operates in more than 100 countries and employs 147,000 people.
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