ABB sells Full Service business to Nordic Capital
ZURICH Aug 20 (Reuters) - Swiss engineering company ABB said on Wednesday it had agreed to sell its Full Service business unit to private equity company Nordic Capital for an undisclosed amount, the latest in a string of divestments of its non-core operations.
ABB, which is pruning its portfolio under new chief executive Ulrich Spiesshofer, said it expects the sale to close in the fourth quarter, subject to regulatory approval.
"With the agreed sale of our Full Service activities we now have found a new home for five businesses in eleven months that have no substantial synergies with the rest of our portfolio, raising about $1 billion," Spiesshofer said in a statement.
ABB's Full Service business unit provides fully outsourced industrial maintenance services. (Reporting by Caroline Copley)
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