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Zurich-based ABB sees a potential for cost synergies of $200 million yearly with the deal, which includes terms for long-term use of GE's brand. In 2016, Industrial Solutions had sales of about $2.7 billion, with an operating margin of some 8 percent.
GE had resumed negotiations to sell the business to ABB after the U.S. industrial conglomerate moderated its price expectations, people familiar with the matter told Reuters in August.
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