An ABB Group EV charger for electric buses is seen through a fence, at an L.A. City Transportation Department (LADOT) DASH transit bus maintenance facility in downtown Los Angeles, California, U.S., August 21, 2021. REUTERS/Bing Guan/File Photo
ZURICH, June 7 (Reuters) – ABB (ABBN.S) is delaying the initial public offering of its E-mobility electric vehicles charging business, the Swiss engineering and technology company said on Tuesday, citing "challenging" market conditions.
"Current market conditions make it challenging to complete the planned listing of ABB's E-mobility business in the second quarter," spokesman Daniel Smith said.
"Nevertheless, we constantly observe the market developments and intend to launch the IPO in the coming weeks subject to constructive market conditions."
Chief Executive Bjorn Rosengren said earlier in the year ABB expected to raise at least $750 million from the IPO. ABB will keep a majority stake in the business after the flotation on the SIX Swiss exchange, although how much remains to be determined.
The company also said on Tuesday it had still not decided whether to spin off or sell its turbocharging business.
"We are making good progress in carving out the turbocharging business and intend to make a final decision on a spin-off or sale in the coming weeks," Smith said.
The Swiss automation group in February rebranded the business as "Accelleron".
The division, whose products are used in ships, power stations, gen-sets, diesel locomotives and large, off-highway vehicles, employs more than 2,300 people and had about $750 million in sales during 2021.
Our Standards: The Thomson Reuters Trust Principles.
The restructuring at Portuguese airline TAP, designed to bring it back to profit in the next few years, is on track despite soaring fuel costs and the dollar's appreciation against the euro, its chief executive said on Tuesday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *