ABB Ltd. is looking to exit three divisions with combined revenue of $1.75 billion as part of Chief Executive Officer Bjoern Rosengren’s plan to boost the Swiss engineer’s profitability. The Zurich-based company will explore options for Turbocharging, Mechanical Power Transmission and Power Conversion, ABB said in a statement ahead of an investor event Thursday. “We will seek the best value-accretive solution for ABB and those businesses and not put ourselves under time pressure," said Rosengren. Bloomberg News reported yesterday that ABB was exploring a sale of its mechanical power transmission business and could revive a process to sell its power-conversion unit. ABB is expected to report group revenues of about $26 billion for full year 2020, according to analysts surveyed by Bloomberg.

Source: Mint November 19, 2020 08:15 UTC