The board of ABB Ltd (SWX:ABBN) announces its intention to spin off ABB Turbo Systems AG on July 20, 2022. ABB Ltd. ll distribute to its shareholders, on a pro rata basis, as a dividend in kind, 1 ABB Turbo share for 20 ABB shares held. ABB Turbo's listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022.

Following the spin-off, ABB Turbo will be served by Daniel Bischofberger as Chief Executive Officer and Adrian Grossenbacher as Chief Financial Officer are part of the Executive Committee. The designated Board of Directors of ABB Turbo will be chaired by Oliver Riemenschneider along with other directors namely Monika Krüsi, Gabriele Sons, Bo Cerup-Simonsen, Stefano Pampalone and Detlef Trefzger. In 2021, ABB Turbo generated revenues of $756 million.

The transaction is subject to, among others, approval by ABB's shareholders at an Extraordinary General Meeting scheduled for September 7, 2022. As of September 7, 2022, the transaction is approved by shareholders of ABB. ABB has retained Credit Suisse and Goldman Sachs International as exclusive financial advisors on the transaction.

Credit Suisse will be acting as listing agent. Darragh Byrne, Ingrid Wijnmalen, Tilman Kuhn, Thomas Christopher, Vivian Tsoi, Carlos Daroca, Mathis Rust, Manal Al-Musharaf, Mohamed AlHasan, David Smith and Tamar Gogiberidze of White & Case acted as legal advisors to ABB Ltd. Hans-Jakob Diem, Tino Gaberthüel and Simone Ehrsam and Patrick Schleiffer of Lenz & Staehelin acted as legal advisor to ABB Ltd.