- Jan 11, 2020 10:00 am GMT
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The site, part of the power grids division which ABB is selling to Hitachi (6501.T) in a $11 billion deal, employed a total of 467 people. ... An ABB U.S. spokesman told South Boston News & Record the cuts were due to a global slowdown in demand for transformers. ABB has been cutting jobs in recent months, mainly at its headquarters, as it aims to reorganize its business after years of under-performance. When the deal to sell the Power Grids business was announced in December 2018, ABB launched a $500 million restructuring project. The company said the South Boston cuts were not related to the divestment of ABB Power Grids’ business to Hitachi, which is expected to close in the first half of 2020.