ABB to spin off its turbocharging division Accelleron and list the company on the SIX Swiss Exchange. The transaction will “allow both ABB and Accelleron to focus on their respective core strategies and long-term value creation for their stakeholders.”
Divesting Accelleron (formerly ABB Turbocharging) will be managed by way of a ‘dividend in kind’ of Accelleron Industries Ltd’s shares to ABB’s shareholders. ABB shareholders are to receive 1 Accelleron share for every 20 ABB shares they hold. The spin-off is subject to approval by an ABB EGM scheduled for 7 September, with listing planned for 3 October this year.
The proposed spin-off is expected to present ‘a unique opportunity for both companies, allowing them to focus on their respective core strategies and create long-term value for their stakeholders’. Accelleron’s potential has been driven by its position as a global market leader in heavy-duty turbocharging for mission-critical applications.
Björn Rosengren, ABB CEO, commented: “After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders. This decision also forms a key part of ABB’s active portfolio management, while allowing our shareholders to actively participate in the future growth of this Swiss champion.”?