Thursday, January 8, 2015 1:15 pm

Dateline ZURICH, Switzerland - ABB announced this week that it has closed the divestment of its Full Service business.

The transaction was completed on 30 December 2014, for an undisclosed amount. The divestment, which was announced in August 2014, is in line with ABB's commitment to continuous portfolio optimization. In the last year, ABB has divested six businesses because of limited synergies, raising more than $1 billion in cash, the company said.

The new stand-alone company was launched as an independent supplier of industrial maintenance services under the name "Quant" as of 1 January 2015. ABB's Full Service business was developed as an adjacent business to the life-cycle service business and had become a successful stand-alone business. ABB will continue to supply life cycle services related to its core business for utilities, industries as well as transportation and infrastructure.