ABB sells steel business to Trinity Industries for $600 mln
ZURICH, June 27
ZURICH, June 27 (Reuters) - Swiss engineering group ABB said on Friday it would sell its Meyer Steel Structures business to Trinity Industries Inc for $600 million in cash.
ABB, which is pruning its portfolio under new chief executive Ulrich Spiesshofer, said it expected the sale to close in the third quarter of this year, subject to regulatory approval.
"This divestment is in line with our strategy for continuous portfolio optimization and reflects the limited synergies that the steel structures business has with our core business," Spiesshofer said in a statement. (Reporting by Caroline Copley)