By John Revill
ABB overhauls global Power Grids business, halts production at U.S, Swiss plants
ZURICH (Reuters) – ABB <ABBN.S> is reorganizing part of its global power grids operations as the Swiss engineering group responds to the division’s 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 group’s biggest but least profitable business.
Power Grids, which also makes high voltage cables and electrical substations, has suffered a 9 percent drop in orders this year while its profit margin of 9.9 percent lags ABB’s other businesses…
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