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Hitachi to take over ABB’s power business

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Japan’s Hitachi is going to take over ABB Grid business by purchasing 80.1 percent of its share.

ABBHitachi will be paying $7 billion for its initial 50 percent stake.

This will allow Hitachi to boost its power business globally.

ABB is a Zurich-based company and values its power business at $11 billion.

Through this deal, ABB is looking to offload its least profitable division to focus on areas such as automation.

“Our four newly shaped businesses, each a global leader, will be well aligned to the way our customers operate and focus stronger on emerging technologies such as artificial intelligence,” ABB chief executive Ulrich Spiesshofer said in a statement.

ABB’s Power division has employed 36,000 people and had sales of $10.4 billion last year.

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