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ABB buys GE unit for $2.6 billion to boost North American business

Reuters / ZURICH 26 Sep 17 | 02:15 AM

ABB is buying General Electric's Industrial Solutions unit for $2.6 billion to expand its reach in North American markets, the Swiss engineering company said on Monday.

Zurich-based ABB sees a potential for cost synergies of $200 million yearly with the deal, which includes terms for long-term use of GE's brand. In 2016, Industrial Solutions had sales of about $2.7 billion, with an operating margin of some 8 percent.

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GE had resumed negotiations to sell the business to ABB after the U.S. industrial conglomerate moderated its price expectations, people familiar with the matter told Reuters in August.

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