ABB Chief Executive Ulrich Spiesshofer said his Swiss engineering group will now focus squarely on digital industries after selling an 80 percent stake in its power grids business to Japanese firm Hitachi on Monday.
Swiss food giant Nestle is cutting around 380 jobs in Germany by closing two locations and reducing the workforce at two others as it reacts to lower demand and shifts some production elsewhere, the company said on Monday.
ABB will sell 80.1 percent of its Power Grids division to Japan's Hitachi , the Swiss engineering group said on Monday, adding it would return net cash proceeds of $7.6-7.8 billion from the deal to shareholders.
ABB reached a deal with Japan's Hitachi to sell its Power Grids division, with the Swiss engineering group adding it plans to return net cash proceeds of $7.6-7.8 billion from selling the 80.1 percent stake in the unit to shareholders.
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