By Kim Richters 
 

Swiss engineering company ABB Ltd. (ABBN.EB) said Friday that it was cutting more than a hundred jobs at a power grids facility in the U.S.

The company said it is reducing the workforce at the plant in South Boston, Virginia, by 113 employees in order to become "a leaner and more competitive organization." The site previously employed 467 workers.

The transformers production plant is part of ABB's power-grids business, which the company is selling to Hitachi Ltd. (6501.TO). ABB said the decision to lay off staff was in no way related to the sale, which is expected to close in the first of half of this year.

ABB has been reducing staff as part of an overall restructuring of its operations, which it announced one year ago.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

January 10, 2020 09:46 ET (14:46 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
ABB (NYSE:ABB)
Historical Stock Chart
From May 2020 to Jun 2020 Click Here for more ABB Charts.
ABB (NYSE:ABB)
Historical Stock Chart
From Jun 2019 to Jun 2020 Click Here for more ABB Charts.