Business

ABB sells Dodge transmission business to RBC Bearings for US$2.9 billion

ABB will sell its Dodge power transmission unit to RBC Bearings Inc in a US$2.9 billion deal, the Swiss engineering and technology company said on Monday.

FILE PHOTO: Logo of Swiss power technology and automation group ABB is seen at the Swiss Economic F
FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum (SEF) conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann/File Photo

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ZURICH: ABB will sell its Dodge power transmission unit to RBC Bearings Inc in a US$2.9 billion deal, the Swiss engineering and technology company said on Monday.

The deal is the first major divestment under Chief Executive Bjorn Rosengren. Deals to sell the Power Grids business and the solar inverter business were completed last year, but agreed before the former Sandvik boss took charge in March 2020.

(Reporting by John Revill; Editing by Michael Shields)

Source: Reuters