Deals
ABB to Revamp GE's `Unloved Child' in $2.6 Billion Deal
- Swiss firm unveils purchase of GE’s industrial solutions unit
- U.S. electrification market worth $30 billion: ABB CEO
ABB CEO Sees Organic Growth After GE Deal
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Swiss engineering company ABB Ltd. agreed to buy General Electric Co.’s industrial solutions business for $2.6 billion to strengthen its foothold in the U.S., the world’s biggest market for electrification products like circuit breakers and switch gears.
ABB will incur costs of $400 million over five years to integrate GE’s industrial solutions unit, Chief Executive Officer Ulrich Spiesshofer told journalists on a call Monday, adding that he’s prepared to offer support and “oxygen” to reverse waning market share and years of under-investment at the business.