Services for Products and Lines will be open 10-15 minutes before the start of the call. ABB's website uses cookies. Callers from the US and Canada should dial +1 866 291 41 66 (toll-free) or +1 631 570 56 13 (long-distance charges apply). The transaction is expected to close in H1 2018, subject to customary regulatory clearances. With the sale now complete, SGEG now owns the two Shanghai companies. ABB and GE Industrial Services merger: a $2.6bn deal to revamp GE division General Electric Company (NYSE:GE) – market cap as of 06/10/2017: $211.2bn ABB Ltd (SWX: ABBN) – market cap as of 06/10/2017: $53.3bn Introduction On September 25, 2017, ABB announced the acquisition of GE Industrial Solutions for a cash consideration of $2.6bn. ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30. Included in the acquisition is a long-term right to use the GE brand. ABB Industrial Solutions empowers smarter business operations by connecting equipment, software, and services to protect, control, and optimize assets within electrical infrastructures. ABB expects to realize approximately $ million of annual cost synergies in year five, which will be key in bringing GE Industrial Solutions to peer performance. As part of the transaction, ABB has established a long-term strategic supply relationship with GE to supply them with products and solutions from across the ABB portfolio. The transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the first year. ABB will retain the GE Industrial Solutions management team and build upon its experienced sales force. ABB has invested more than $11 billion in the United States since 2010 and employs approximately 20,000 people across the country, with more than 60 R&D and manufacturing sites nationwide. This is due to ABB completing the acquisition of GE Industrial Solutions (GEIS) to ABB’s Electrification Products (EP) division as of July 2018. This press release contains "forward-looking statements" relating to the acquisition of GE Industrial Solutions by ABB. As part of the transaction and overall value creation, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE … Retrofits, Presentation: Leadership in Electrification (PDF / 829 kB), Acquisition will strengthen ABB’s #2 global position in electrification, Non-core GE business with significant value creation potential within ABB, Expands ABB’s access to the North American market through deep customer relationships, large installed base and extensive distribution networks, Potential for annual cost synergies of approximately $200 million, ABB and GE establish long-term, strategic supply relationship for ABB products, 2016 GE Industrial Solutions financial information adjusted to ABB financial definition. The $2.6 billion transaction offers substantial value creation potential within ABB, including growth opportunities to be leveraged from coupling ABB’s digital offering, ABB Ability™, with the extensive GEIS installed base. The transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the first year. ZURICH, July 2, 2018 —ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. The transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the first year. ABB to acquire GE Industrial Solutions. With this next step of active portfolio management, we continue to shift ABB’s center of gravity, in line with our Next Level strategy, by strengthening competitiveness, mainly in the North American market, and lowering risk with an early-cycle business.”, “This combination brings together two global businesses with a broad complement of electrical protection and distribution assets,” said John Flannery, CEO of GE. Under the acquisition, ABB has a long term right to use the GE brand and will retain the GE Industrial Solutions management team. The acquisition of GE Industrial Solutions, which closed in June 2018, further strengthened ABB's #2 global position in electrification. Services for Products and The $2.6 billion transaction offers substantial value creation potential within Log into your account. Included in the acquisition is a long-term right to use the GE brand. your password Our 55,000+ employees are dedicated to delivering safe, smart and sustain-able electrification. Every day, we partner with our customers to solve their toughest energy challenges and reimagine industry in a way that only the world’s digital industrial company can. ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE's global electrification solutions business on June 30, 2018. We design electrical solutions at the crossroads of digital and industrial – smart, rugged and equipped to control electricity from the grid to its point of use. Each invention further fuels innovation and application across our industrial sectors. The transaction was announced on September 25, 2017, came into effect on June 30. ABB will acquire GE Industrial Solutions for $." GE will also benefit through an expanded strategic supply relationship with ABB as the two companies work together.”. ABB has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018; a transaction that was announced on September 25, 2017. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect ABB's business, particularly those identified in the cautionary factors discussion in ABB's Annual Report on Form 20-F for the year ended December 31, 2016. ABB operates in more than 100 countries with about 135,000 employees. ABB undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. ABB’s relationship with China dates back to 1907. We have a clear integration plan to realize the synergies of this combination and to bring our combined business back into the target margin corridor during 2020.”. ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. Such forward-looking statements can be identified by words such as plans, intends, expects, commits and other similar terms. Motion is the #1 player in the market globally. The $2.6 billion transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the first year. ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30. Tarak Mehta, President of ABB’s EP division, said: “This acquisition strengthens our position as partner of choice for electrification globally and in North America. The transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the first year.. ABB today announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. As part of the transaction and overall value creation, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE Industrial Solutions products and ABB products that GE sources today. ABB’s Electrification Business Area is a global leader in electrical products and solutions, operating in more than 100 countries, with over 200 manufacturing sites. No forward-looking statement can be guaranteed. July 6. We look forward to working with GE Industrial Solutions’ and ABB’s customers and channel partners to create new opportunities in this highly attractive core market for our division. July 2, 2018 - ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. Callers are requested to phone in 10 minutes before the start of the call. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. GE Industrial Solutions has deep customer … Join to Connect. The $2.6 billion transaction offers substantial value creation potential within ABB, including growth ABB completes its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. 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