By Ed Frankl

ABB Ltd. on Tuesday rebranded its turbocharging division as it prepares to sell or spin off the business in the first half of 2022.

The Swiss technology company said the new name of the division--which provides power to the marine, energy, rail, and road sectors--will be Accelleron.

"The new brand is part of ABB's portfolio-management strategy to operationally separate the turbocharging division before a final decision is made between a sale or a spin-off of the business toward the end of the first quarter," ABB said.

ABB previously targeted a likely spinoff of the unit for summer 2022, and said at its fourth-quarter earnings earlier in February that it had appointed a new head of the division.

The new head will be Daniel Bischofberger, who will succeed current turbocharging division president Oliver Riemenschneider on March 1, the Zurich-based company said.

In the case of a spinoff, Mr. Riemenschneider is expected to become chairman of Accelleron, ABB added.

The turbocharging division made around $750 million in revenue in 2021 and has more than 2,300 employees worldwide, it said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

February 15, 2022 03:40 ET (08:40 GMT)

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