ZURICH, June 7 (Reuters) – The Swiss engineering and high-tech group ABB announced on Tuesday the postponement of the initial public offering of its electric vehicle charging activities, citing a “difficult” market environment.
“Current market conditions make it difficult to complete ABB’s plans to list ABB’s E-mobility business in the second quarter,” said Daniel Smith, a spokesman for the group.
“However, we are constantly monitoring market developments and we intend to launch the IPO in the coming weeks provided that market conditions are favorable,” he added.
ABB chief executive Björn Rosengren initially said the group planned to raise at least $750 million (702 million euros) when the business floated on the Swiss stock market SIX while while remaining the majority shareholder, without specifying at what level of participation.
The Swiss group also said on Tuesday that it had not yet made a decision on a spin-off or sale of its turbocharger business. Daniel Smith simply indicated that the choice between the two options should be made “in the coming weeks”.
ABB renamed this subsidiary in February Accelleron, whose products mainly equip ships, power stations, generators, diesel locomotives or very large vehicles.
Accelleron, which employs more than 2,300 people, had sales of around $750 million last year.
(Report John Revill, French version Marc Angrand, edited by Kate Entringer)
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