ABB to divest two Shanghai-based electrification joint ventures

ZURICH (Reuters) - ABB is divesting its stake in two Chinese electrification businesses, the Swiss engineering company said on Thursday, as it presses ahead with reviewing its operations and ditching underperformers.ABB has signed an agreement to divest its stake in Shanghai ABB Breakers Co., Ltd. and Shanghai ABB Guangdian Electric Co., Ltd. to Shanghai Guangdian Electric Group, ABB's joint venture partner in the two companies, the Zurich company said in a statement.ABB, which acquired a 60%..