ZURICH, SWITZERLAND – Hitachi ABB Power Grids joint venture has officially started operations, with the completion of the divestment of 80.1 percent of ABB’s Power Grids business to Hitachi.
This is a significant milestone in ABB’s transformation towards a decentralized global technology company. The divestment allows ABB to focus on key market trends and customer needs such as the electrification of transport and industry, automated manufacturing, digital solutions and increased sustainable productivity, the company said in the press release.
“Today’s announcement marks an important turning point in the history of ABB. Since announcing our intention to divest Power Grids to Hitachi, ABB has made significant progress in becoming a more customer-focused and simplified organization. We believe Hitachi is the best owner for Power Grids and its next stage of development, building on the solid foundation achieved under ABB’s previous ownership,” said Peter Voser, Chairman of the Board of Directors of ABB.
Hitachi ABB Power Grids will be led by Claudio Facchin as CEO.
The Board of Directors of the joint venture includes Timo Ihamuotila, Chief Financial Officer of ABB, and Frank Duggan, former member of ABB’s Executive Committee.
Source: ABB