ABB - ABB to spin off its Accelleron turbocharging business with 1-for-20 shares
- ABB ( NYSE: ABB ) announced its intention to spin off Accelleron (formerly ABB Turbocharging), its market-leading turbocharging division, through way of a dividend in kind of Accelleron Industries shares to ABB's shareholders.
- If spin-off is approved at the EGM on Sep.7, 2022, ABB will distribute to its shareholders, on a pro rata basis, as a dividend in kind, 1 Accelleron share for 20 ABB shares held.
- Accelleron’s listing on SIX Swiss Exchange in Zurich is scheduled for Oct.3, 2022.
- ABB's shareholders will be able to realize the full value of Accelleron, while ABB continues to simplify its portfolio and focus on the megatrends of electrification and automation.
- Accelleron has an installed base of 180K+ turbochargers globally and delivers ~10K turbochargers every year.
- Post the spin-off, Accelleron's technological pre-eminence will enable the company to remain at the forefront of innovation by continuing investing in R&D and strengthening partnerships with OEM's and end users as well as to offer attractive returns to its shareholders.
- In 2021, Accelleron generated revenues of $756M with an operating margin of 25%; cash flows from operating activities stood at $163M in 2021 thereby enabling the company to adopt an attractive dividend policy.
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ABB to spin off its Accelleron turbocharging business with 1-for-20 shares