ABB - ABB completes Accelleron spinoff

• ABB ( NYSE: ABB ) said Monday it completed the spinoff of its turbocharging unit, now called Accelleron, and started trading on the SIX Swiss Exchange in Zurich; ABB shares opened -3.5% after news of the spinoff completion.
• ABB ( ABB ) said the spinoff is part of its portfolio management strategy to focus its efforts on growing global megatrends in electrification and automation.
• On Friday, ABB ( ABB ) said it sold the remaining 20% stake in its Hitachi joint venture to the Japanese company and might be looking to sell its power conversion unit.
• ABB ( ABB ) expects net positive cash inflows of ~$1.42B upon closing of the sale.

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