ABB closes divestment of Full Service business to Nordic Capital
ABB, the leading power and automation technology group, has successfully closed the divestment of its Full Service business. The transaction was completed on 30 December, 2014, for an undisclosed amount.
The divestment, which was announced in August 2014, is in line with ABB's commitment to continuous portfolio optimisation. In the last year, ABB has divested six businesses because of limited synergies, raising more than US$1 billion in cash.
The new stand-alone company was launched as an independent supplier of industrial maintenance services under the name “Quant” as of 1 January, 2015.
ABB's Full Service business was developed as an adjacent business to the life-cycle service business and had become a successful stand-alone business. ABB will continue to supply life cycle services related to its core business for utilities, industries as well as transportation and infrastructure.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/06012015/abb-closes-divestment-of-full-service-business-to-nordic-capital/
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