ABB Completes Spin-off Of Accelleron Industries

(RTTNews) - ABB Ltd (ANN.L, ABB), a Swiss technology company, said Monday that it has completed spin-off of its unit Accelleron Industries AG, formerly known as ABB Turbocharging.

Accelleron has been admitted to start trading on SIX Swiss Exchange today in Zurich under the ticker symbol "ACLN".

ABB noted it has distributed the Accelleron shares on a pro rata basis with 1 Accelleron share for 20 ABB Ltd shares held.

Accelleron spin-off is part of ABB's portfolio management strategy to focus its efforts on growing global megatrends in electrification and automation, the company said.