Ruth Fornell Joins ACI

Atlanta executive Ruth Fornell has accepted a position with ACI Worldwide, a leading ... Read full story...

http://atlantatrend.org/components/com_gk2_photoslide/images/thumbm/497418ruthforenell1slide.jpg http://atlantatrend.org/components/com_gk2_photoslide/images/thumbm/467423barrymccathy1slide.jpg
  • 0
  • 1

Atlanta Spotlight | Stephanie Mains

ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. The transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the first year.

Stephanie Mains, who was previously the President and CEO of the GE Industrial Solutions business, will lead the new business unit as Managing Director. As part of the transaction, ABB has established a long-term strategic supply relationship with GE to supply them with products and solutions from across the ABB portfolio. Included in the acquisition is a long-term right to use the GE brand.

The $2.6 billion transaction offers substantial value creation potential within ABB, including growth opportunities to be leveraged from coupling ABB’s digital offering, ABB Ability™, with the extensive GEIS installed base. ABB expects to realize approximately $200 million of annual cost synergies in year five, which will be key in bringing GEIS to peer performance.

“We are very pleased to welcome GE Industrial Solutions to ABB,” said ABB CEO Ulrich Spiesshofer. “The combination reinforces ABB’s position as a worldwide leader in electrification and accelerates our growth and competitiveness in key markets, particularly North America. As one of Thomas Edison’s original businesses, GEIS is the cradle of electrification – a legacy that we will preserve and build on, now that GEIS is part of ABB.”

GEIS will be integrated into ABB’s Electrification Products (EP) division, led by EP President Tarak Mehta, as a new business unit called Electrification Products Industrial Solutions (EPIS). “The product portfolios of GE Industrial Solutions and ABB are highly complementary.

Together we will have a comprehensive combined portfolio, as well as an expanded global footprint, sales force and distribution network,” said Tarak Mehta. “We are committed to servicing the GEIS installed base and will now be able to provide a more technologically advanced and digitally connected offering to our customers around the world. Together we will strengthen ABB’s #2 position in electrification globally and expand our access to the attractive North American market.”

Editor
ATLANTA TREND™

 

Atlanta Spotlight
article thumbnail

AT&T Inc. has announced that North Carolina President Venessa Harrison will become the state president for Georgia, succeeding William Leahy who recently retired.

Harrison, a 38-year veteran of AT&T and its predecessor companies, has been serving as the AT&T North Carolina’s state president since 2013. She is the second consecutive black female to hold the leading position in the North Carolina operation.
Harrison’s appointment to her new position will take effect December 1.

“On one hand, I am excited about the opportunity to build on AT&T’s long history of investing in Georgia, helping create jobs and stimulating innovation in urban and rural communities across the state,” Harrison said in a stateme [ ... ]


Social Media Corner

Subscribe ATLANTA TREND

Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Enter Email Address
For Email Marketing you can trust

Market Report

Any data to show