ABB announced plans to spin off its robotics division in its largest portfolio shift since 2018, aiming for a separately listed entity in 2Q26.
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Aurora Motors is U.S.-based provider of vertical motors with engineering and operations in Shanghai, China.
Tarak Mehta, currently President of ABB’s Motion business, is set to become Timken's President and CEO on Sept. 5.
It expands ABB’s presence in the water segment and complements its portfolio with optical sensor technology.
With the sale, ABB said it has now completed all divisional portfolio divestments announced at the end of 2020.
With production operations in Guadalajara, Mexico, the unit has approximately 600 employees and had 2021 revenues of about $63 million.
A new distribution center will stock more than 5,000 electrical products and reduce delivery times to some customers by up to 50%, ABB says.
The Switzerland-based power and automation company reported sales of $7.9 billion, a 29% increase over the same period in 2020.
RBC is paying $2.9 billion to acquire the international manufacturer of highly engineered precision bearings and components for the industrial, defense and aerospace industries.
The Swiss company also reported that its profit grew to $752 million from $319 million in the period.
The electrical giant reported profit of $502 million, a 34% improvement when compared to the year-ago period.
ABB has appointed Carolina Granat to succeed Sylvia Hill as chief human resources officer and member of the executive committee, effective January 1, 2021.
Though not where it should be in a typical July, distribution M&A activity reached double-digit transactions for a second straight month. Our M&A Roundup recaps deals from LINC Systems, Core & Main, SRS Distribution and more.Â
Swiss company also announces the appointment of Theodor Swedjemark, who will join the executive committee of ABB as chief communications officer.
The company reported profit of $376 million, a 30% drop when compared to the year-ago period.
Company names Doug Schuster to top post at installation products business.
Company names Sami Atiya to key post on executive committee.
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