ABB shareholders have approved the spin-off of its Accelleron turbocharging division.

An extraordinary general shareholders meeting in Zurich approved the move, which will see a 1:20 dividend in kind of Accelleron shares to ABB’s shareholders.

Accelleron’s listing on the SIX Swiss Exchange is planned for October 3.

The company develops turbocharging technologies and optimisation solutions for 0.5 to 80+ MW engines, “helping to provide sustainable, efficient and reliable power to the marine, energy, rail, and off-highway sectors”.

ABB says its product offerings and research leadership accelerate the decarbonisation of the industries it operates in. It has an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations across 50 countries worldwide.

Pictured: Swiss Formula One team Alfa Romeo announced a partnership with Accelleron in March