CALLAWAY COUNTY, Mo. - ABB announced Monday that it is selling its Power Grids business to Japan-based Hitachi.
It is unclear how the transaction will impact the ABB facility just outside Jefferson City, which employs close to 1,000 people.
The ABB building, which sits near Highways 54 and 94, employs 800 people, said Randy Allen, CEO of the Jefferson City Area Chamber of Commerce. In a July statement, U.S. Sen. Claire McCaskill's office said the facility employed 1,100 Missourians.
The $11 billion transaction includes ABB's Power Grids business and will become effective April 1.
The ABB campus is located in Callaway County. ABB is one of the largest property tax payers in Callaway County, County Collector Tim Wilkerson said. He said ABB paid just over $1.7 million in property tax from 2013 to 2018.
Executives at the Switzerland-based company expressed optimism about the sale.
"Today's announcement marks the beginning of a new chapter in ABB's history," ABB Chairman Peter Voser said in a statement. "The new ABB will be positioned to write the future as a customer focused technology leader in digital industries."
Look for more on this developing story.