ABB to sell heating & ventilation business to Nortek for $260 mln

ZURICH, March 21 Fri Mar 21, 2014 8:16am EDT

ZURICH, March 21 (Reuters) - Swiss engineering group ABB said on Friday it has agreed to sell its Thomas & Betts heating, ventilation and air conditioning business to Nortek for $260 million.

ABB, which is pruning its portfolio under new chief executive Ulrich Spiesshofer, said it expects the sale to close in the second quarter of this year, subject to regulatory approval. (Reporting by Caroline Copley; Editing by Noah Barkin)