ABB closes divestment of Full Service business to Nordic Capital
ABB, the leading power and automation technology group, has successfully closed the divestment of its Full Service business. The transaction was completed on December 30, 2014, for an undisclosed amount.
The divestment, which was announced in August 2014, is in line with ABB’s commitment to continuous portfolio optimization. In the last year, ABB has divested six businesses because of limited synergies, raising more than $1 billion in cash.
The new stand-alone company was launched as an independent supplier of industrial maintenance services under the name “Quant” as of January 1, 2015.
ABB’s Full Service business was developed as an adjacent business to the life-cycle service business and had become a successful stand-alone business. ABB will continue to supply life cycle services related to its core business for utilities, industries as well as transportation and infrastructure.
ABB is a leader in power and automation technologies that enable utility, industry, transport and infrastructure customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in roughly 100 countries and employs about 145,000 people.