Microsoft teams up with ABB to create 'one of world's largest industrial cloud platforms'

"Together with ABB, we are providing industrial customers with the digital technology and cloud platform to empower every person, team and business system within an organization to glean new insights and drive faster decision making to seize new growth and opportunities," said Satya Nadella, CEO of Microsoft, in a press release on Tuesday morning. But the announcements didn't stop there. ABB said it would step up cost savings and launch a new share buyback program. It also stated it would keep its power grids division, despite grumblings from activist investors. Ulrich Spiesshofer, CEO of ABB, told CNBC Tuesday it would keep the unit as the board decided it was the best option to create value for shareholders. Accusations center on the low profitability of the power grid unit but Spiesshofer was quick to highlight that it was still a profit leader in the industry. "We have listened to all the expressed views, very, very carefully. We have listened to our customers. We have listened to the market. We have worked out a great transformation program to create a substantial value creation story for our shareholders going forward," he said.