ABB SA, part of international technology group ABB, has sold a 20% stake of the local holding company to empowerment company Women`s Investment Portfolio Holdings (Wiphold).
The deal, for an undisclosed sum, will result in Wiphold Private Equity owning 20% of ABB`s holding company, including 10% of ABB Powertech Transformers, a joint venture between ABB and Powertech.
Wiphold is an investment company that invests in listed and unlisted companies in the financial services, consumer goods and services, media, telecommunications, IT, tourism and leisure sectors.
The sale is set to enhance ABB`s empowerment profile.
"ABB has been in the forefront of black economic empowerment (BEE) and has launched a number of companies in the electrical industry with some 25% of its more than 2 000 employees now working for these companies," says ABB SA president Carlos Po~ne.
"We wish to further increase our BEE profile and at the same time pave the way for greater empowerment of black women in the electrical power industry."
Wiphold is to be represented on the ABB SA board and is also to participate in various operational committees, including auditing, employment equity and sustainability development.
"We have chosen Wiphold because of its excellent standing in the marketplace and believe that there are many mutual benefits to be gained in the partnership," Po~ne says.
"For some time now we have been looking at ABB South Africa and are comfortable with the company`s solid track record, and its business philosophy," says Wiphold Private Equity director Taurai Muranda.
Wiphold CEO Louisa Mojela says ABB has contributed to growth and development in SA through direct foreign investment assisted by its global network.
ABB provides power and automation technologies enabling utility and industry customers to improve performance while lowering environmental impact. Among other things, it provides products, systems, software and services for the automation and optimisation of manufacturing operations.
It has 150 000 employees in more than 100 countries.
ABB in Southern Africa employs 3 000 people and has operations in Angola, Botswana, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Zimbabwe, Zambia, and the Democratic Republic of Congo.
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