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ABB readies electric vehicle charging spin off for early next year

·1 min read
FILE PHOTO: Logo of Swiss power technology and automation group ABB is seen in Baden

ZURICH (Reuters) - ABB will be ready with investor materials for the spin-off of its electric vehicle charging business in the fourth quarter with a potential flotation targeted for early 2022, Chief Executive Bjorn Rosengren said on Thursday.

ABB was looking to spin off the business, which has been seeing enormous demand, although it would likely retain a controlling stake, Rosengren told reporters.

"On the stock market it will be valued on much greater multiples than ABB itself," he said. "That will help us to make acquisitions in software and hardware and attract capital for quick growth."

(Reporting by John Revill; Editing by Michael Shields)