ABB will sell 80.1% of its Power Grids to Japanese Hitachi

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ABB, the Swiss engineering group, announced plans to sell 80.1% of the electricity grids division of Power Grids, which is estimated at $11 billion, to Japanese company Hitachi. It is reported that the net income from the sale, expected in the range of 7 billion 600 million to 7 billion 800 million dollars, will be returned to shareholders of the company. ABB also stated that it intended to change the structure of the rest of the business, focusing on areas such as automation. Restructuring involves a write-off of $500 million, which will reduce its annual costs by about $500 million.

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