ABB to buy GE unit for $2.6b to boost US business

AFP, ZURICH: Swiss-Swedish engineering group ABB agreed yesterday to buy General Electrics’ industrial solutions unit for $2.6 billion euros (2.1 billion euros) in a move to boost its business in the United States.

“GE’s global electrification solutions business, GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market,” ABB said in a statement.

GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world.

In 2016, it generated revenues of approximately $2.7 billion.

“With GE Industrial Solutions, we strengthen our number two position in electrification globally and expand our access to the attractive North American market,” said ABB chief executive, Ulrich Spiesshofer.

“Combined with the long-term strategic supply relationship with GE, this transaction creates significant value for our shareholders.”

ABB to buy GE unit for $2.6b to boost US business

AFP, ZURICH: Swiss-Swedish engineering group ABB agreed yesterday to buy General Electrics industrial solutions unit for $2.6 billion euros (2.1 billion euros) in a move to boost its business in the United States. GEs global electrification solutions business, GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABBs biggest market, ABB said in a statement. GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world. In 2016, it generated revenues of approximately $2.7 billion. With GE Industrial Solutions, we strengthen our number two position in electrification globally and expand our access to the attractive North American market, said ABB chief executive, Ulrich Spiesshofer. Combined with the long-term strategic supply relationship with GE, this transaction creates significant value for our shareholders.