ABB sells its cable business to NKT
NKT Cables has bought ABB’s high-voltage cable system business for USD 934 m (EUR 837 m).
High-voltage cables are key components in sustainable energy networks to transport electricity over long distances. It is precisely this sector which is being strategically examined at ABB at the moment.
NKT has its main production in Europe and China as well as sales offices all over the world. Approx. 3,200 are employed and in 2015 the turnover amounted to EUR 1.2 bn.
It is anticipated that the transaction can be closed, including the examination by the cartel authorities, in the 1st quarter 2017.