FRANKFURT/ZURICH: Swiss engineering group ABB is preparing its turbocharging division for a sale or stock market listing and has picked Goldman Sachs and Credit Suisse to help with the divestiture, people close to the matter said.

Chief Executive Bjorn Rosengren said last month that ABB would exit the business towards the end of 2021, adding that the business generates around 75% of its sales form services, which made it very resilient.

ABB declined to comment on Wednesday, the banks were not immediately available for comment.

The company had said in November that it plans to offload three of its most profitable businesses, turbocharging, mechanical power and power conversion divisions, which have combined annual sales of $1.75 billion, or around 6% of group sales.

People familiar with the matter have said that the turbocharger business could raise fetch a price tag of $1.5 to $2 billion.