Aurora Motors is U.S.-based provider of vertical motors with engineering and operations in Shanghai, China.
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Tarak Mehta, currently President of ABB’s Motion business, is set to become Timken's President and CEO on Sept. 5.
It expands ABB’s presence in the water segment and complements its portfolio with optical sensor technology.
With the sale, ABB said it has now completed all divisional portfolio divestments announced at the end of 2020.
With production operations in Guadalajara, Mexico, the unit has approximately 600 employees and had 2021 revenues of about $63 million.
A new distribution center will stock more than 5,000 electrical products and reduce delivery times to some customers by up to 50%, ABB says.
The Switzerland-based power and automation company reported sales of $7.9 billion, a 29% increase over the same period in 2020.
RBC is paying $2.9 billion to acquire the international manufacturer of highly engineered precision bearings and components for the industrial, defense and aerospace industries.
The Swiss company also reported that its profit grew to $752 million from $319 million in the period.
The electrical giant reported profit of $502 million, a 34% improvement when compared to the year-ago period.
ABB has appointed Carolina Granat to succeed Sylvia Hill as chief human resources officer and member of the executive committee, effective January 1, 2021.
Though not where it should be in a typical July, distribution M&A activity reached double-digit transactions for a second straight month. Our M&A Roundup recaps deals from LINC Systems, Core & Main, SRS Distribution and more.
Swiss company also announces the appointment of Theodor Swedjemark, who will join the executive committee of ABB as chief communications officer.
The company reported profit of $376 million, a 30% drop when compared to the year-ago period.
Claudio Facchin, Frank Duggan and Chunyuan Gu will step down from the executive committee of ABB as part of the organizational transformation announced on December 17, 2018.
Year-to-date sales were $20.9 billion, up 3% from the prior-year period.
Maryrose Sylvester succeeds Greg Scheu, who will retire at the end of October.
The Chairman of the Board, Peter Voser, will become interim CEO.
Swiss company reports $572 million profit in the first three months of 2018.
