ABB - ABB rebrands turbocharging unit ahead of separation decision

ABB (ABB +2.6%) said it has rebranded its turbocharging business as "Accelleron," and said it expected to make the final decision on whether to sell or spin it off the unit towards the end of Q1. ABB has not provided any profitability figures for Accelleron but said the unit achieved $750M in revenues in 2021 and has more than 2,300 employees worldwide; it has an installed base of 180K turbochargers and a network of more than 100 service stations worldwide. ABB previously targeted a likely spinoff of the unit for summer 2022, and said alongside quarterly earnings earlier this month that it had appointed a new head of the division. As part of its plan to focus the portfolio on electrification and automation, ABB previously sold its Dodge mechanical power transmission business for $2.9B.

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ABB rebrands turbocharging unit ahead of separation decision