ABB is exploring a sale of its Power Grids business, people familiar with the matter told Reuters, representing a U-turn by Chief Executive Ulrich Spiesshofer who defied activist shareholders to keep the unit two years ago.
ABB is examining various options for Power Grids, its second-largest but lowest-margin business, three sources said, with a decision likely by early next year.
“The company is looking at separating its Power Grids business,” one source said. “A sale of a majority is the preferred option at moment, although selling a minority or spinning it off are also possible.” “Everyone agrees there needs to be changes,” another source said. Read more