25 Sep '17, 4pm

GE Industrial Solutions Purchased By ABB

GE Industrial Solutions Purchased By ABB

GE Industrial Solutions, the company’s global electrification solutions arm, will be purchased by ABB for $2.6 billion. The division, which provides electrical equipment for industrial use, recorded annual revenues of approximately $2.7 billion and delivers to more than 100 countries. As part of the transaction, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE Industrial Solutions products and ABB products that GE sources today. “With GE Industrial Solutions, we strengthen our Number 2 position in electrification globally and expand our access to the attractive North American market,” said ABB CEO Ulrich Spiesshofer. “Combined with the long-term strategic supply relationship with GE, this transaction creates significant value for our shareholders.” “This combination brings together two global businesses with a broad complement of electr...

Full article: http://www.renewableenergyworld.com/articles/2017/09/ge-i...

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