ZURICH (Reuters) – ABB (ABBN.S) is reorganizing part of its global power grids operations as the Swiss engineering group responds to the divisions sluggish profitability and falling orders.
The move comes as ABB seeks to justify its decision last year to reject calls from its second-largest shareholder to spin off Power Grids, the groups biggest but least profitable business.
Power Grids, which also makes electrical substations, has suffered a 9 percent drop in orders this year while its profit margin of 9.9 percent lags ABBs other businesses and the group level of 12.5 percent.
Although the business has improved in the third quarter, ABB i…
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