Electrical engineering: ABB expands electrification business in Asia with joint venture
The joint venture will focus on low-voltage offerings for markets in Asia. The transaction is expected to be completed in the second half of 2027.
ABB, a Swiss engineering company, has formed a joint venture with Japan's Mitsubishi Electric, acquiring a 51% stake for approximately $495 million. The venture will focus on low-voltage offerings for Asian markets. ABB also reported a 40% increase in order intake to $12.1 billion for the third quarter, driven by demand for data center construction.
The company's CEO, Morten Wierod, stated that ABB has achieved a record order intake and improved operational performance. ABB raised its full-year outlook, targeting low double-digit percentage growth in comparable sales.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
