Switzerland, Oct. 20 -- ABB announced the creation of a joint venture with Mitsubishi Electric's carved-out low-voltage power distribution product business, forming a new company focused on low-voltage solutions for Asian markets. For a consideration of JPY 79 billion (~$495 million), ABB will acquire a controlling 51 percent stake in the newly carved out company as well as full ownership of the related sales operations outside of Japan of Mitsubishi Electric's low-voltage power distribution products. The transaction, which provides an option for full ownership by ABB in the mid-term, is expected to close in the second half of 2027, subject to regulatory approvals and other customary closing conditions.The new company brings together ABB's ...