Divestment is in line with ABB’s Next Level strategy to continuously optimize portfolio
Zurich, Switzerland, August 4, 2015 - ABB, a leading power and automation technology group, announced today that it has completed the divestment of its Huntersville, North Carolina high voltage cable factory in the U.S. to Southwire Company, LLC, a leading North American wire and cable manufacturer headquartered in Carrollton, Georgia. The parties mutually agreed not to disclose the financial terms of the transaction.
ABB and Southwire will pursue a business relationship to leverage the facility for the land cable portion of certain HVDC projects. The divestment of the Huntersville facility is in line with ABB's Next Level strategy to continuously optimize its business portfolio and to build strategic partnerships. ABB remains fully committed to the North American market and to the high-voltage cables business.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility, industry, and transport and infrastructure customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in roughly 100 countries and employs about 140,000 people.