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NewswireTODAY - /newswire/ -
Zurich, Switzerland, 2017/03/01 - ABB has successfully completed the divestment of its high-voltage cables and cable accessories businesses to NKT Cables, creating a leading power cable company. The transaction was completed on March 1, 2017 - NKTCables.com / ABB.com. ABBN: SIX Swiss Ex
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The divestment, which was announced in September 2016, is in line with ABB’s commitment to active portfolio management, a key element of the Next Level strategy. By combining two strong cable portfolios rooted in a shared Nordic heritage while maintaining access to supply through a long-term strategic partnership, a more competitive cable business on a larger scale is created under NKT Cables’ ownership. As part of the strategic partnership, ABB and NKT Cables will work together on future project opportunities and R&D.
“We are pleased to close the divestment with NKT Cables, an experienced specialist in this market, with a long and successful history in the high voltage cable industry. This transaction is combining two highly complementary cable portfolios and is expected to lead to higher competitiveness and even better service for our global customers” says Claudio Facchin, president of ABB’s Power Grids division. “We look forward to building on our new business relationship in the long-term strategic partnership between ABB and NKT Cables.”
ABB’s cable system and the cable accessories business offers turnkey solutions including design, engineering, supply, installation, commissioning and service. It employs around 1,000 people, and has state-of-the art manufacturing and R&D capabilities for high-voltage submarine and underground cables in Karlskrona, Sweden. The cable accessories business is located in Alingsås, Sweden. The transfer of assets also includes a new, cutting-edge cable-laying vessel, currently under construction. With experience of over a century, the business serves a range of applications and has commissioned hundreds of alternating current and direct current links around the world.
About ABB
ABB (abb.com) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally. Continuing more than a 125-year history of innovation, ABB today is writing the future of industrial digitalization and driving the Energy and Fourth Industrial Revolutions. ABB operates in more than 100 countries with about 132,000 employees.
About NKT Cables
NKT Cables (nktcables.com) designs, manufactures and supplies power cables for low-, medium- and high-voltage solutions mainly in the alternating current area. It has major production facilities in Europe as well as sales offices around the world, and employs around 2,800 people. In 2016, revenue was 1.0 billion Euro.
Investor Relations: P: +41 43 317 7111 - E: investor.relations[.]ch.abb.com.
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