ABB to sell Thomas & Betts HVAC business to Nortek
ABB has signed an agreement to divest the Thomas & Betts’ HVAC business for $260 million in an all-cash transaction to Nortek, Inc. The sale is expected to close in the second quarter of 2014, subject to regulatory clearance.
The company says it is selling the business because of limited synergies with ABB’s core portfolio. ABB will continue to supply its high efficiency electrical motors and drives as well as its low voltage products range to the HVAC industry.