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ABB Group [6] is a Swedish-Swiss [7] [8] [9] multinational electrical engineering corporation. Incorporated in Switzerland as ABB Ltd., and headquartered in Zurich, [1] it is dual-listed on the SIX Swiss Exchange in Zurich and the Nasdaq Nordic exchange in Stockholm, Sweden, in addition to OTC Markets Group's pink sheets in the United States. [10]
The company sells Baldor-Reliance and ABB branded industrial electric motors. Products are available in both IEC and NEMA configurations and range from fractional to 100,000 horsepower. The company also sells the Dodge brand of mechanical power transmission products, including mounted bearings, enclosed gearing, couplings, sheaves, and bushings.
In July 2020, ABB divested its power grid business and sold 80.1% of that to Hitachi Ltd., leading to the formation of Hitachi ABB Power Grids. [1] In October 2021, Hitachi ABB Power Grids changed its company name to Hitachi Energy. In December 2022, it was confirmed that Hitachi acquired the remaining 19.9 percent shares from ABB Ltd. [2]
The company was founded initially as Gottfrid Strömbergin sähköyhtiö in Finnish, Gottfrid Strömbergs elföretag in Swedish. Strömberg was acquired by Swedish ASEA in 1987, then later in 1988 when ASEA merged with Brown, Boveri & Cie to form ABB, the company became a division of ABB and hence known as ABB Strömberg.
David Jagielski (Gilead Sciences): Biopharmaceutical company Gilead Sciences can make for a terrific dividend stock to buy and hold right now. It yields 3.2%, which is more than twice the S&P 500 ...
Ericsson (ERIC) will deploy its 5G-ready Industry Connect technology for smart factory connectivity in ABB Power Grid as part of the latter's digitization process.
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