Swiss engineering group ABB said on Friday it had agreed to sell Thomas & Betts' steel structures business to Trinity Industries Inc for $600 million in cash, part of a plan to sell off assets outside its core expertise.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.The sale is the latest in a string of divestments by the Zurich-based company as industrial groups focus on their core strengths to ride out a tentative economic recovery."This divestment is in line with our strategy for continuous portfolio optimization and reflects the limited synergies that the steel structures business has with our core business," Spiesshofer said in a statement.
Trinity Industries, Inc. (Trinity) is a multi-industry company. Shares of TRN remained unchanged at $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 0.
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