📋 Tender Overview
ABB announced it has signed an agreement to divest its UK technical engineering consultancy business a technical engineering consultancy part of its Energy Industries division to TV Rheinland. The transaction is expected to close in Q2 2023. The financial terms of the transaction will not be disclosed.ABBs UK technical engineering consultancy including a network of subcontractors and associates has around 160 people operating from two main sites in the northeast and the northwest of England. A specialist team of technical experts helps global energy customers improve process safety equipment and asset integrity as well as technical design for new and existing industrial plants.Our technical engineering consultancy business is highly recognized for the value it brings to customers and has significant opportunity for growth enabled by strong industry tailwinds as we navigate the energy transition said Troy Stewart Head of ABB Energy Industries UK. This divestment follows a two-year strategic review of our portfolio and aims to accelerate the continued growth of the business. TV Rheinland is an excellent new home for the technical engineering consultancy business where it can realize its exciting growth opportunity and create customer value.We look forward to creating growth stability and opportunity at a time where we are seeing increased demand for sustainability decarbonization and business continuity said Gareth Book Managing Director TV Rheinland UK. ABBs UK technical engineering consultancy will complement the existing risk safety and integrity management services provided by TV Rheinland. Our aim is to build upon the long-standing customer relationships and trust that ABB and TV Rheinland have established in the UK over the last two decades.ABBs technical engineering consultancy will be integrated into the Industrial Services and Cybersecurity business of TV Rheinland in the UK. The combined business will create a scalable broad-based technical engineering provider delivering a full-service offer to the high hazard industries supporting customers in the energy transition and energy security.
