November 23, 2018 / 1:06 PM / 6 months ago

ABB signs potential $1.9 bln deal for Power Grids products in China

ZURICH, Nov 23 (Reuters) - ABB’s Power Grids business has signed deals that could be worth nearly $2 billion to supply power transmission equipment to utility companies in China.

Claudio Facchin, the head of Power Grids, signed memorandums of understanding with Chinese companies including State Grid Corporation of China and China Southern Power Grid earlier this month.

ABB confirmed the agreements, but declined to comment on the financial details. A person familiar with the situation said the memorandums of understanding - a preliminary stage to signing contracts - could be worth around $1.9 billion in total.

Reporting by John Revill

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