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ABB sells its power conversion division for $505 million
Technology

ABB sells its power conversion division for $505 million

ZURICH, Jan 20 (Reuters) - ABB (ABBN.S) has sold its power conversion business to AcBel Polytech Inc (6282.TW) for $505 million, the Swiss engineering and technology company said on Friday.The sale is the last part of ABB's measures to trim its portfolio of companies which saw it sell its power transmission unit Dodge and spin off its turbocharging business Accelleron to shareholders.ABB said it expects to make a small non-operational book gain from the sale of the United-States-based Power Conversion business, which provides products for telecoms, data centres and general industry.Chief Executive Bjorn Rosengren said he was "delighted" with the deal which completed divisional portfolio divestments announced by ABB at the end of 2020.Power Conversion was acquired by ABB as part of the G...
CES technology trade show adopts social theme
Technology

CES technology trade show adopts social theme

Las Vegas, Jan 6 (Reuters) - Farm equipment took the keynote spotlight at the CES technology trade show in Las Vegas, as "human security for all" became the first theme in its 56-year history.In his speech opening the Consumer Electronics Show on Thursday, John Deere Chief Executive John May laid out a strategy of using technology to feed a hungry world as arable land and rural labor decline while costs are rising."Technology allows farmers to create more with less," May told an audience of 2,000 at one of the world's largest tech events, organized by the Consumer Technology Association (CTA).The trade group is partnering with the World Academy of Art and Science and the United Nations Trust Fund for Human Security to encourage the tech industry to help tackle the world's most pressing ...