ABB (China) Ltd. has completed the divestiture of its electrical division's two joint ventures in Shanghai, transfer of ABB switchgear Shanghai Ltd. and ABB Radio & Television Shanghai Ltd. to the holding subsidiary of Shanghai Radio & Television (Group) Co. , Ltd. , shanghai Guangdian Electric (Group) Co. , Ltd. is a joint venture partner of the two companies. Financial details were not disclosed. "This transaction will reduce the complexity of ABB's electrical business in China and increase our focus on this key market, " said Meta, chairman of ABB's electrical division. At the same time, it is an important step in ABB's aggressive product portfolio strategy."In 2018, ABB acquired a 60 per cent stake in the two joint ventures when it acquired GE industrial systems. With the completion of the transaction, Shanghai Radio, television and electric (Group) Co. , Ltd. took control of the two companies. ABB and Shanghai Guangdian Electric (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 companies and nearly 20,000 employees in more than 130 cities. Since 1992, ABB has invested about $2.4 bn in China, where more than 90 per cent of its sales come from locally made products, systems and services. China is now ABB's second-largest market in the world.
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