ZURICH Aug 20 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)