By Ed Frankl

ABB Ltd. said Monday that it had completed the spinoff of its turbocharging unit, now called Accelleron, offering one new Accelleron share for each 20 ABB shares.

ABB stock in Zurich, where new Accelleron shares will be listed on the SIX Swiss Exchange Monday, closed Friday at 25.80 Swiss francs ($26.14) a share.

The Switzerland-based robotics company has been attempting to streamline its portfolio in recent years as it deals with a more-digital industrial landscape.

On Friday it sold its remaining 20% stake in its Hitachi joint venture to the Japanese company and might be looking to sell its power-conversion unit.

The transaction allows both ABB and Accelleron to focus on respective strategies and long-term value creation for stakeholders, ABB said.

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

(END) Dow Jones Newswires

October 03, 2022 01:33 ET (05:33 GMT)

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