ABB to sell its share in ABB Alstom Power

The Swiss-based technology group, ABB, is selling its 50 per cent share in ABB Alstom Power to the French energy company, Alstom. The companies said ABB would receive a cash payment of SFr2 billion for the share.

The Swiss-based technology group, ABB, is selling its 50 per cent share in ABB Alstom Power to the French energy company, Alstom. The companies said ABB would receive a cash payment of SFr2 billion for the share.

The president and chief executive officer of ABB, Göran Lindahl, said the decision to pull out of the joint power company was in line with the company’s global strategy. He said the group had decided to focus more on information technology (IT).

“Today we focus more on industrial IT, and on infusing IT solutions and service into our activities,” Lindahl said.

He added that part of the money from the sale of its share in ABB Alstom Power would be invested in boosting ABB’s business-to-business e-commerce activities.

ABB Alstom Power was set up as a joint venture only one year ago. The company is a world leader in the supply of power generation services and equipment, and employs over 50,000 people worldwide.

swissinfo with agencies