Private equity company, Nordic Capital, bought Swiss engineering company ABB’s Full Service business unit on Wednesday, August 20, 2014 for an undisclosed amount.  This is the latest in a string of divestments of its non-core operations.

This is what Spiesshofer had to say about the divestments, “With the agreed sale of our Full Service activities we now have found a new home for five businesses in eleven months that have no substantial synergies with the rest of our portfolio, raising about $1 billion.”

Subjected to regulatory approval, ABB’s new Chief Executive Officer, Ulrich Spiesshofer said he expects the sale to close in the fourth quarter.

ABB is a multinational corporation that operates mainly in robotics and the power and automation technology business. It is one of the largest engineering companies in the world. It has operations in approximately 100 countries.

ABB’s “power and productivity for a better world” slogan is so aptly reflective in their methodical divestment ventures. In August, 2007, ABB sold ABB Lummus Global business to Chicago Bridge & Iron Company for $950 million. In 2008 the company sold its 50% stake in the shares of ABB Powertech Transformers to Powertech at a gain of $11 million. In 2013, they sold all assets of Baldor’s generator-set business to Generic Holdings, Inc.

Then in February of this year, ABB sought out to divest several more units to raise more than $1 billion in total proceeds. In May, the company completed the sale of Thomas & Betts’ heating, ventilation and air conditioning business (under the Reznor brand) to Nortek, Inc. The deal closed for $260 million in an all-cash transaction. In June they completed the sale of Power-One’s Power Solutions business to Bel Fuse Inc. for approximately $117 million. Then, just a couple days ago, ABB completed the sale of Thomas Betts’ Meyer Steel Structures business to Trinity Industries. The deal closed for $600 million in an all-cash transaction.