![]() ![]() ![]() Milestone Alert!Livemint tops charts as the fastest growing news website in the world □ Click here to know more. ABB’s grid synchronous condensers can replace lost inertia and stabilize grid frequency and voltage. This story has been published from a wire agency feed without modifications to the text. TOKYO/ZURICH (Reuters) - ABB ABBN.S will sell a majority stake in its Power Grids division to Japans Hitachi 6501. As renewable energy sources proliferate, the number of high-inertia generators ie, fossil-fuel plants decreases, both in unit numbers and as a share of the total power capacity. The decision to sell power grids marks a U-turn for Spiesshofer, who decided to keep the business two years ago despite calls from some shareholders to sell. It had an operating profit margin of 10.0 percent in the third quarter, down 60 basis points from a year earlier. ![]() “Our four newly shaped businesses, each a global leader, will be well aligned to the way our customers operate and focus stronger on emerging technologies such as artificial intelligence," ABB chief executive Ulrich Spiesshofer said in a statement.ĪBB’s power grids business employs 36,000 people and had sales of $10.4 billion last year. was formally registered on June 30 but announced on July 1marking exactly one year since Hitachi and ABB closed their 11. The acquisition would allow Hitachi to boost its global presence in the power grid industry, while ABB, which also makes industrial robots, wants to offload its least profitable division to focus on areas such as automation. Hitachi ABB Power Grids’ name change to Hitachi Energy Ltd. Hitachi has an 80.1 percent stake in this new joint venture entity (which has business volume of approximately 10 billion USD2) and ABB hol. and ABB Ltd today announced the completion of all required procedures as planned, and the formation of Hitachi ABB Power Grids Ltd. ZURICH, Dec 28 (Reuters) - ABB (ABBN.S) has completed the sale of its remaining 19.9 stake in the power grids business it sold to Hitachi (6501.T), the Swiss engineering and technology group said. Reuters previously reported that the two companies were in talks over a transaction. In accordance with the agreement signed on December 17, 20181, Hitachi Ltd. ![]()
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