ABB confirms divestment of Power Grids business at the end of Q2 2020
ABB has confirmed that the divestment of its Power Grids business is “on track with closing expected at the end of the second quarter 2020”.
According to ABB’s full-year and Q4 2019 results press statement, the Power Grids business will be divested to Hitachi in 2020.
“The divestment of Power Grids is on track and we are clearly starting to see the positive effects of implementing our new operating model and new culture,” said Peter Voser, Chairman and CEO of ABB.
On December 17, 2018, ABB announced an agreed sale of its Power Grids business. Consequently, the results of the Power Grids business are presented as discontinued operations.