Power Grids' weak performance has weighed on ABB's stock price, although the unit has fared better in the last two years.ĪBB could return the sale proceeds to shareholders through a new share buyback program and also accelerate acquisitions in automation. Hitachi acquired an 80.1 stake for approximately 6.85 billion, according to company statements. The decision to sell it marks a U-turn for ABB Chief Executive Ulrich Spiesshofer, who decided to keep the business two years ago despite calls from some shareholders to sell. Japan’s Hitachi is buying a 80 per cent stake in ABB ’s power grids division for 6.4bn in its largest-ever overseas acquisition, as it seeks to become a global industrial powerhouse and its. The launch completes an agreement between Hitachi and ABB signed Dec. It had an operating profit margin of 10.0 percent in the third quarter, down 60 basis points from a year earlier. Hitachi's board confirmed a plan to go ahead with the deal, which would be the Japanese industrial conglomerate's largest-ever acquisition, the Nikkei reported.ĪBB's power grid business employs 36,000 people and had sales of $10.4 billion last year. ABB expected Hitachi to take a clear majority, while Hitachi would prefer a more balanced structure, this source said, adding a deal could still emerge by the December 25 Christmas holiday. Artificial Intelligence Cybersecurity Digital Enterprise Industrial Automation Internet of Things Mobility Smart Buildings Smart Grids Sustainability. One source said the main sticking points were valuation and the shares that ABB and Hitachi would take in a joint venture. Japan's Nikkei newspaper reported the companies were nearing a deal in which Hitachi would pay between 600 billion and 800 billion yen ($5.29 billion to $7.05 billion) for an initial 50 percent stake in the business. Personal Loans for 670 Credit Score or Lower ![]() Add to your story by joining a passionate team, focused on pushing the boundaries of technology to drive performance, shape new business models and find new ways of working that benefit our customers, partners and society. Personal Loans for 580 Credit Score or Lower Working at ABB gives you the opportunity to contribute to a healthier and more prosperous world. ![]() ![]() Best Debt Consolidation Loans for Bad Credit
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