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The ABB engineering group has completed the sale of its remaining stake in Hitachi Energy. With this sale, the Zurich giant has confirmed that it has received net cash inflows of 1.43 billion dollars (1.3 billion francs).
ABB still held a 19.9% stake in the joint venture with Japan’s Hitachi Holding, which owned 80.1%, according to a statement released Wednesday.
The Hitachi Energy joint venture was created in 2020 from ABB’s Power Grids division. Hitachi exercised its purchase option as agreed in December 2018.
/ATS
