Chinese company ABB is set to acquire Swiss company Centrifuge and spin off its centrifugal pumping operations into a separate company, a person familiar with the matter said on Wednesday.
The acquisition would create ABB, a Swiss company that makes centrifugal air pumps for commercial, government and private use.
ABB has a $20 billion business that produces and sells air pumps in the U.S., Germany, India, Russia, Turkey and China.
ABBs shares closed down 0.3% at $13.20 on Wednesday in London.
Sources said ABB will use the new company to continue development of its centrifuges.
AB’s centrifugal power system, based on a Bosch pump, is the mainstay of Swiss-listed air pumps that are widely used in the global commercial and government sectors.
AB is a key player in the industry, which employs 2.3 million people.