![]() The official launch of the the joint venture has been anticipated for 18 months, and it was accomplished despite stalled activities owing to COVID-19. In a press release on July 1, the new company also said that “the current management team will ensure business continuity.” An Expanded Focus for Power Grids It will be chaired by Toshikazu Nishino, executive vice president of Hitachi, and ABB’s Claudio Facchin will serve as its CEO. ABB also holds a pre-defined option to exit the retained 19.9% shareholding three years after closing, and it is likely it will be bought out by Hitachi, which has said it will consider acquiring ABB’s share to make it a wholly owned subsidiary after 2023.īut for now, Hitachi ABB Power Grids will be headquartered in Switzerland and employ approximately 36,000 people in 90 countries. Japanese technology conglomerate Hitachi holds a 80.1% ($6.85 billion) stake in Hitachi ABB Power Grids, while Zurich-based ABB will hold the remaining 19.9% stake. ![]() The new company, which already has a volume of about $10 billion, is expected to provide financial muscle to support ambitious projects and new business opportunities as the sector embraces decentralization and digitalization. ![]() Hitachi on July 1 commandeered a majority share of ABB’s lucrative Power Grids business and officially launched a joint venture company-Hitachi ABB Power Grids. ![]()
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