ABB has signed an agreement to divest the ABB Full Service business that provides outsourced industrial maintenance services, for an undisclosed amount.
The Full Service business will be handed over to Nordic Capital for further actions and developments.
The reason behind this dissociation is said to me the limited interactions with company’s core portfolio.
Subject to regulatory approval, the sale is expected to close in the fourth quarter of 2014.
ABB Full Service began as an end-to-end business to their life-cycle service which later developed into an individual business unit.
ABB will continue to supply its standard life-cycle services for the installed base.
The divestment is in line with the strategy to keep optimizing company portfolio. With the agreed sale of Full Service activities, a new place for five businesses in eleven months was found that have no substantial collaborations with the rest of portfolio, raising about $ 1 billion, explained, Ulrich Spiesshofer, CEO, ABB.
There is a clear value in establishing an independent business, focused on developing its customer offering and thereby solidifying its position as a global leader in the growing market for industrialized maintenance, said, John Hedberg, principal, NC Advisory AB, advisor, Nordic Capital Funds.