|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||1,411.00 - 1,455.00|
|52 Week Range||931.35 - 1,620.00|
|PE Ratio (TTM)||75.81|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
ABB Ltd (ABB) announces its plans to purchase GE Industrial Solutions, General Electric's (GE) global electrification solutions business, in a bid to strengthen position in electrification.
General Electric agreed to sell its industrial-solutions business to Switzerland’s ABB in a $2.6 billion deal, a sign that GE’s new chief is moving ahead with efforts to streamline the industrial giant....
ABB Ltd. (ABB) has purchased General Electric Company's Industrial Solutions unit for $2.6 billion, in a deal that the Swiss grid maker says will expand its access to the North American market. Atlanta-based GE Industrial Solutions, which makes products including circuit breakers, starters, switchgear, lighting control components and power supply equipment, had revenues of $2.7 billion in 2016 and employs approximately 13,500 employees globally, according to ABB. ABB said in their deal announcement that GE business has "deep customer relationships, a large installed base and extensive distribution networks, especially in North America." The acquisition includes a long-term licensing agreement for ABB to use the GE Industrial Solutions brand.