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Friday, June 27, 2014

ABB sells steel business to Trinity Industries for $600 mln, (NYSE: TRN)

Swiss engineering group ABB said on Friday it would sell its Meyer Steel Structures business to Trinity Industries Inc for $600 million in cash. ABB, which is pruning its portfolio under new chief executive Ulrich Spiesshofer, said it expected the sale to close in the third quarter of this year, subject to regulatory approval.

Trinity Industries, Inc. (Trinity) is a multi-industry company. Shares of TRN fell by 0.53% or $-0.23/share to $43.02. In the past year, the shares have traded as low as $17.66 and as high as $43.94. On average, 3058750 shares of TRN exchange hands on a given day and today's volume is recorded at 1986461.