ABB Completes Accelleron Spin-Off

Rhea-AI Summary

ABB has successfully completed the spin-off of Accelleron Industries AG, which is now trading on the SIX Swiss Exchange under the ticker symbol 'ACLN'. Shareholders received 1 Accelleron share for every 20 ABB shares held, reflecting a strategic move to focus on electrification and automation. This shift allows Accelleron to operate independently, promoting long-term value creation for both ABB and Accelleron. The spin-off is part of ABB's ongoing portfolio management strategy, aiming to enhance flexibility and growth in their respective sectors.

Positive

• Accelleron now trading independently on SIX Swiss Exchange enhances growth potential.
• ABB shareholders benefit from a pro rata distribution of Accelleron shares.

Negative

• None.

• Accelleron shares admitted to start trading on SIX Swiss Exchange today
• Transaction to allow both ABB and Accelleron to focus on respective core strategies and long-term value creation for stakeholders
• ABB shareholders receive 1 Accelleron share for every 20 ABB shares held

ZURICH--(BUSINESS WIRE)-- ABB announces that Accelleron Industries AG (formerly ABB Turbocharging), a global leader in high-power turbochargers for mission-critical applications, has been admitted to start trading on SIX Swiss Exchange in Zurich under the ticker symbol “ACLN”, marking the completion of Accelleron’s spin-off from ABB. The listing follows ABB shareholders’ approval of the spin-off at its Extraordinary General Meeting, held on September 7, 2022. ABB has distributed the Accelleron shares on a pro rata basis, as a dividend in kind, with 1 Accelleron share for 20 ABB Ltd shares held.

The spin-off is part of ABB’s portfolio management strategy to focus its efforts on growing global megatrends in electrification and automation, while at the same time allowing Accelleron to grow with increased flexibility and independence as a stand-alone listed company.

Björn Rosengren, Chief Executive Officer of ABB, said: “The completion of this spin-off marks another important step for ABB’s strategy of active portfolio management as we continue to focus on our leadership positions in electrification and automation, while still allowing our shareholders to participate in the continued success of the Accelleron business. We wish all the employees a successful future as a new exciting global brand under the excellent leadership of CEO Daniel Bischofberger and Chairman Oliver Riemenschneider.”

Accelleron is a global leader in turbocharging technologies and optimization solutions for 0.5 to 80+ MW engines, helping to provide sustainable, efficient and reliable power to the marine, energy, rail, and off-highway sectors. Through its innovative product offerings and research leadership, the company accelerates the decarbonization of the industries it operates in. Accelleron has an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations across 50 countries worldwide.

ABB (ABBN: SIX Swiss Exchange) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20221002005063/en/

ABB Ltd

Affolternstrasse 44

8050 Zurich

Switzerland

Media Relations

Phone: +41 43 317 71 11

E-mail: media.relations@ch.abb.com

or

Investor Relations

Phone: +41 43 317 71 11

E-mail: investor.relations@ch.abb.com

Source: ABB Ltd

FAQ

What is the ticker symbol for Accelleron Industries AG after the spin-off from ABB?

Accelleron Industries AG is trading under the ticker symbol 'ACLN' on the SIX Swiss Exchange.

When was the ABB Extraordinary General Meeting that approved the spin-off of Accelleron?

The ABB Extraordinary General Meeting to approve the spin-off of Accelleron was held on September 7, 2022.

How many Accelleron shares do ABB shareholders receive after the spin-off?

ABB shareholders receive 1 Accelleron share for every 20 ABB shares they hold.

What is the primary focus of ABB after the spin-off?

After the spin-off, ABB focuses on growing global megatrends in electrification and automation.

What sectors does Accelleron serve?

Accelleron serves sectors including marine, energy, rail, and off-highway with high-power turbocharging technologies.