October 31, 2019 / 9:29 AM / 20 days ago

ABB to divest two Shanghai-based electrification joint ventures

FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum (SEF) conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - ABB (ABBN.S) is divesting its stake in two Chinese electrification businesses, the Swiss engineering company said on Thursday, as it presses ahead with reviewing its operations and ditching underperformers.

ABB has signed an agreement to divest its stake in Shanghai ABB Breakers Co., Ltd. and Shanghai ABB Guangdian Electric Co., Ltd. to Shanghai Guangdian Electric Group, ABB’s joint venture partner in the two companies, the Zurich company said in a statement.

ABB, which acquired a 60% stake in both companies in 2018, did not disclose financial terms of the deal which is due to be completed in the fourth quarter.

The companies make low- and medium-voltage breakers, switchgear and transformers for the Chinese market.

Reporting by John Revill

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