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General Electric's industrial solutions unit sold to Swiss ABB for $2.6 billion


GENEVA — ABB, the Swiss robotics and Industrial machinery maker, is buying the electrification services unit of U.S. conglomerate General Electric ( GE ) in a deal valued at $2.6 billion.


The deal is set to boost ABB's presence in its crucial North American market.


The deal between ABB, which provides high-tech equipment for the transport, utility and infrastructure industries, and GE is expected to close in the first half of next year.


In a joint statement, the companies say the electrification services unit was not a "core business" for GE.


ABB's chief executive, Ulrich Spiesshofer, described the unit as an " unloved child " on a call with journalists.




READ MORE (CBS News)


  • ABB buys GE business for $2.6 billion in bet it can boost marginsReuters
  • General Electric unloads its industrial unit for $2.6 billionBusiness Insider
  • Swiss Firm ABB to Buy GE's Industrial Solutions Business for $2.6 BillionNew York Times
  • GE Industrial Solutions Purchased By ABBPower Engineering Magazine
  • ABB chief says he is 'very confident' about rebuilding GE business bought for ...CNBC
  • Under Pressure From Activists, GE Is Selling Another BusinessFortune
  • Swiss firm to buy GE's industrial solutions unit for $2.6BBoston Business Journal
  • GE to sell industrial unit to ABB for $2.6 blnMarketWatch
  • Atlanta's GE Industrial Solutions sells to European rival for $2.6 billionAtlanta Business Chronicle


This post first appeared on The 5th News, please read the originial post: here

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General Electric's industrial solutions unit sold to Swiss ABB for $2.6 billion

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