ABB to spin off its turbocharging division - Accelleron

23 Jul 2022 , 01:31 AM

Following a decision by its Board of Directors ABB today announces its intention to spin off Accelleron formerly ABB Turbocharging its market-leading turbocharging division by way of a dividend in kind of Accelleron Industries Ltds shares to ABBs shareholders Accellerons listing on SIX Swiss Exchange in Zurich is planned for 03 October 2022 and is subject to among others approval by ABBs shareholders at an Extraordinary General Meeting scheduled for 07 September 2022 The proposed spin-off of Accelleron represents a unique opportunity for both companies allowing them to focus on their respective core strategies and create long-term value for their stakeholders ABBs shareholders will be able to realize the full value of Accelleron while ABB continues to simplify its portfolio and focus on the megatrends of electrification and automation Accelleron will be able to concentrate exclusively on reaching its full potential in the large engine industry where the company is known as the market leader in heavy-duty turbocharging with a compelling growth profile high cash generation and an attractive expected dividend policy