ABB to Spin Off, List Accelleron Turbocharging Business
20 Juli 2022 - 6:16PM
Dow Jones News
By Joshua Kirby
ABB Ltd. will spin off and separately list its turbocharging
division Accelleron as the industrial group looks to focus on its
core business, it said Wednesday.
The listing on the Swiss stock exchange of the business,
formerly known as ABB Turbocharging, is planned for Oct. 3, and is
subject to approval by ABB shareholders at an extraordinary general
meeting to be held in September, the company said.
The spinoff will allow ABB shareholders to realize the full
value of Accelleron, while the remaining company can focus on its
core business and the trends of electrification and automation, the
Zurich-based company said. With the spinoff, ABB shareholders will
receive one Accelleron share for every 20 ABB shares held.
Accelleron produces turbochargers and large turbocharging
components for engines, which enhance propulsion and increase fuel
efficiency while reducing emissions, ABB said. The business made
revenue of $756 million in 2021, with an operating margin of 25%,
the company said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
July 20, 2022 12:01 ET (16:01 GMT)
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