by swisschambei in Engineering / Manufacturing
ABB has completed the divestment of all its shares in two Shanghai-based Electrification joint ventures, Shanghai ABB Breakers Co., Ltd. and Shanghai ABB Guangdian Electric Co., Ltd. to holding subsidiaries of Shanghai Guangdian Electric Group (SGEG), ABB’s joint venture partner in the two companies. Financial details have not been disclosed. Tarak Mehta, President of ABB’s Electrification business, said: “The completion of this divestment reduces the complexity of the Electrification business in China and improves our focus in this key market. It is a significant step forward in ABB’s ongoing strategy of active portfolio management.” ABB acquired a 60% stake in the two joint ventures as part of the GE Industrial Solutions acquisition in 2018. With the sale now complete, SGEG now owns the two Shanghai companies. ABB and SGEG will continue to operate as long-term partners via a multi-year mutual supply agreement.