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ABB sells its power conversion division for $505 million

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The sale is the last part of ABB's measures to trim its portfolio of companies which saw it sell its power transmission unit Dodge and spin off its turbocharging business Accelleron to shareholders.


"We believe that the demand for oil," estimated to be at about 100 million barrels a day, "is going to drop over the next five years" by 30%, Wood said on Thursday during a quarterly seminar for clients of ARK Invest's suite of funds.






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