Engineering group ABB's divestment plan receives cool market reception [Reuters]
ABB Ltd (ABB)
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Source: Reuters
By John Revill 3 Min Read ZURICH (Reuters) - ABB ABBN.S plans to offload three business units that generate $1.75 billion in sales, the Swiss engineering company said on Thursday, equivalent to 6% of its annual revenue. The company is “exploring all options” to exit turbocharging, mechanical power and power conversion, the company said ahead of its first investor day under Chief Executive Officer Bjorn Rosengren. ABB, whose products range from electric ship motors to factory robots, has been carrying out a review of its operations since Rosengren took over in March. The former Sandvik SAND.ST boss has said ABB has been weighed down by a business model that was too complicated. Slimming down and disposing of businesses is the current trend in industrial companies, with rival Siemens SIEGn.DE floating its turbines business earlier this year and selling its Flender gear box unit. Earlier this year, ABB completed the sale of its power grids business to Hitachi 6501.T
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