PRZOOM - /newswire/ - Zurich, Switzerland, 2022/12/28 - ABB has completed the previously announced divestment to Hitachi Ltd (Hitachi) (hitachi.com) of its remaining 19.9 percent equity stake in the Hitachi Energy joint venture that was formed from ABB’s Power Grids business in 2020 - Hitachi.com / ABB.com. ABBN: SIX Swiss Ex

ABB has completed the previously announced divestment to Hitachi Ltd (Hitachi) (hitachi.com) of its remaining 19.9 percent equity stake in the Hitachi Energy joint venture that was formed from ABB’s Power Grids business in 2020, with Hitachi holding a stake of 80.1 percent. Hitachi has exercised its call option that was agreed between the parties in December 2018. Through the divestment, ABB has realized a net positive cash inflow of approximately $1.425 billion in the fourth quarter 2022.

About ABB

ABB (abb.com) is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 130 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation.

Contact: P: +41 43 317 71 11 - E: investor.relations[.]ch.abb.com.

Agency / Source: ABB Robotics / ABB Ltd

Availability: All Regions (Including Int'l)

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

Distribution / Indexing: [+]  / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]