ZURICH (dpa-AFX) - ABB Ltd. (ANN.L, ABB) agreed to divest its Mechanical Power Transmission division, Dodge, to RBC Bearings Inc. (ROLL), for $2.9 billion in cash.
The transaction is expected to be completed by the end of the year 2021.
Dodge has about 1,500 employees worldwide and achieved revenues of about $600 million for the last twelve months ending June 30, 2021, of which more than 90 percent were generated in the Americas. The operating EBITA margin was about 23 percent. It produces at six manufacturing sites - 5 in the U.S. and 1 in China - and its headquarter is located in Greenville, South Carolina. The president of the division is Roger Costa.
ABB expects to book a non-operational pre-tax book gain of about $2.2 billion on the sale of Dodge.
Copyright RTT News/dpa-AFX
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