ABB signs potential $1.9 billion deal for Power Grids products in China

ZURICH (Reuters) - ABB's Power Grids business has signed deals that could be worth around $1.9 billion (1.48 billion pounds) to supply power transmission equipment to utility companies in China, a person familiar with the situation said.Claudio Facchin, the head of Power Grids, signed memorandums of understanding with Chinese companies including State Grid Corporation of China [STGRD.UL] and China Southern Power Grid [CNPOW.UL] earlier this month, the source said.A spokesman for ABB confirmed..