Monday, February 26, 2024
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ABB chief says he is ‘very confident’ about rebuilding GE business bought for $2.6 billion

  • Swiss power grid maker ABB will pay $2.6 billion for General Electric's Industrial Solutions business.
  • The unit had sales of $2.7 billion in 2016, but its EBITDA is just 6 percent of sales.
  • Chief executive Ulrich Spiesshofer told CNBC he is "very confident" that ABB can build the unit back to a strong position.

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