By Pierre Bertrand

ABB Ltd. on Thursday said that it was continuing to streamline its portfolio and that its smart-buildings division would begin the process of shedding the emergency-lighting business.

ABB said the divestment process would be initiated in coming months for the business, which generated revenue of approximately $160 million in 2022.

The move comes as it reviews its businesses on a product-group level within its current divisions, the Swiss technology company said.

Emergency lighting doesn't fit the electrification portfolio "and was a small fish in a big pond," ABB Chief Executive Bjorn Rosengren said in a call to media.

ABB is also planning an initial public offering for its e-mobility unit, which recently raised 525 million Swiss francs ($578 million) in pre-IPO placements for 20% of the company.

ABB, which had initially sought to list the e-mobility unit in the second quarter of 2022, said it remains committed to listing the e-mobility unit, and anticipates retaining a majority stake.

"We can now continue to drive the business, invest the money that we have got into it and continue to grow the business," Mr. Rosengren said. He wouldn't be moved on whether an IPO takes place this year or next, adding that ABB will wait until it sees stable and constructive markets.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

February 02, 2023 05:19 ET (10:19 GMT)

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