Divestment in line with ABB’s commitment to continuous portfolio optimization
Zurich, Switzerland, August 18, 2014 - ABB, the leading power and automation technology group, has completed the sale of the Meyer Steel Structures business of Thomas & Betts to Trinity Industries (NYSE: TRN). The transaction, announced on June 27, 2014, closed yesterday for $600 million in an all-cash transaction. ABB has divested the Meyer business because of limited synergies with its core portfolio.
The acquisition of Thomas & Betts in 2012 advanced ABB's strategy of expanding the reach of its Low Voltage Products division into key geographies, sectors and products. Synergy between ABB low-voltage protection, control and measurement products as well as Thomas & Betts' electrical components creates a strong platform for global growth.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 145,000 people.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified industrial company that owns a variety of market-leading businesses that provide products and services to the industrial, energy, transportation and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit: www.trin.net.