Rongyu Electric Appliance Co., Ltd

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ABB completes the divestiture of two joint ventures in Shanghai

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ABB (China) Co., Ltd. has completed the divestiture of two joint ventures of electrical business division in Shanghai, transferring the equity of ABB in Shanghai ABB switch Co., Ltd. and Shanghai ABB radio and Television Co., Ltd. to the holding subsidiary of Shanghai radio and television (Group) Co., Ltd., which is the joint venture partner of the two companies. Financial details were not disclosed.

"This transaction will reduce the complexity of ABB's China electrical business and enhance our focus on this key market," said meita, President of ABB Group's electrical business. At the same time, it is an important step for abb to promote a positive product mix strategy. "

ABB acquired a 60% stake in the two joint ventures when it acquired Ge industrial systems in 2018. With the completion of this transaction, Shanghai radio and television electric (Group) Co., Ltd. controls the two enterprises. Abb and Shanghai radio and television (Group) Co., Ltd. will continue to operate as long-term partners through multi-year supply agreements.

ABB's relationship with China dates back to 1907. After decades of development, abb has a full range of business activities in China, including R & D, manufacturing, sales and engineering services, with 44 local enterprises and nearly 20000 employees in more than 130 cities. Since 1992, abb has invested about US $2.4 billion in China, and more than 90% of its sales revenue in China comes from locally manufactured products, systems and services. At present, China is the second largest market of ABB Group in the world.

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