Swiss Firm ABB to Buy G.E.âs Industrial Solutions Business for $2.6 Billion
Swiss company ABB reached a deal to buy General Electric's Industrial Solutions unit for $2.6 billion. The business makes circuit breakers, transformers and power systems equipment for operations such as data centers and oil and gas installations. The unit will integrate into ABB's Electrification Products business and the company will keep the Industrial Solutions' management staff.
GE CEO John L. Flannery said he is looking into ways to cut costs at the company, and more units could be sold in the future.
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