ABB Ltd. (SWX:ABBN) has hired investment banks Goldman Sachs (NYSE:GS) and Credit Suisse (SWX:CSGN) for the planned spin-off of its turbocharging unit which could be valued at between $1.5 billion and $2 billion (€1.68 billion), Reuters said on March 17, 2021, citing sources familiar with the matter. ABB is planning to hive off the business by the end of 2021 as part of its portfolio optimisation strategy. The unit could be either sold or floated on the stock market, the report said.