By Ed Frankl
ABB Ltd. said Monday that it had completed the spinoff of its turbocharging unit, now called Accelleron, offering one new Accelleron share for each 20 ABB shares.
ABB stock /zigman2/quotes/209404356/composite ABB -2.00% /zigman2/quotes/202291450/delayed SE:ABB -0.73% in Zurich, where new Accelleron shares will be listed on the SIX Swiss Exchange Monday, closed Friday at 25.80 Swiss francs ($26.14) a share.
The Switzerland-based robotics company has been attempting to streamline its portfolio in recent years as it deals with a more-digital industrial landscape.
On Friday it sold its remaining 20% stake in its Hitachi joint venture to the Japanese company and might be looking to sell its power-conversion unit.
The transaction allows both ABB and Accelleron to focus on respective strategies and long-term value creation for stakeholders, ABB said.
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