Jump to content

ABB: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
Akuyume (talk | contribs)
1,354 edits
m →‎Corporate affairs: link for Baldor Electric Company
Line 81: Line 81:
In 2011, on May 9 ABB announced acquisition of Australian-based [[Mincom Limited]] from private equity firm [[Francisco Partners]] - to expand their enterprise software business for undisclosed sum.<ref>{{cite web|url=http://www02.abb.com/global/seitp/seitp202.nsf/0/3b101a75e361906fc125788b00159f6a/$file/11_34_mincom.pdf |title=ABB Press Release: ABB acquires Mincom to expand enterprise software business |publisher=abb.com |date=2011-05-09 |accessdate=2011-08-06}}</ref> On July 29, 2011, acquisition has been finalised.<ref>{{cite web|url=http://www02.abb.com/global/seitp/seitp202.nsf/0/5532aa7595747a9dc12578dc00215694/$file/11_49_mincom.pdf |title=ABB Press Release: ABB completes acquisition of Mincom |publisher=abb.com |date=2011-07-29 |accessdate=2011-08-06}}</ref>
In 2011, on May 9 ABB announced acquisition of Australian-based [[Mincom Limited]] from private equity firm [[Francisco Partners]] - to expand their enterprise software business for undisclosed sum.<ref>{{cite web|url=http://www02.abb.com/global/seitp/seitp202.nsf/0/3b101a75e361906fc125788b00159f6a/$file/11_34_mincom.pdf |title=ABB Press Release: ABB acquires Mincom to expand enterprise software business |publisher=abb.com |date=2011-05-09 |accessdate=2011-08-06}}</ref> On July 29, 2011, acquisition has been finalised.<ref>{{cite web|url=http://www02.abb.com/global/seitp/seitp202.nsf/0/5532aa7595747a9dc12578dc00215694/$file/11_49_mincom.pdf |title=ABB Press Release: ABB completes acquisition of Mincom |publisher=abb.com |date=2011-07-29 |accessdate=2011-08-06}}</ref>


In 2011 ABB acquired Baldor Electric USA for $4.2 billion in an all-cash transaction
In 2011 ABB acquired [[Baldor Electric Company|Baldor Electric USA]] for $4.2 billion in an all-cash transaction


On January 30, 2012, ABB Group acquired [[Thomas & Betts]] in a $3.9 billion cash transaction.<ref>{{cite web|url=http://www.tnb.com/shared/docs/TNB_4Q11.pdf |title=Thomas & Betts Corporation Reports Fourth Quarter 2011 Net Earnings |publisher=www.tnb.com |date=2012-01-30 |accessdate=2012-02-01}}</ref>
On January 30, 2012, ABB Group acquired [[Thomas & Betts]] in a $3.9 billion cash transaction.<ref>{{cite web|url=http://www.tnb.com/shared/docs/TNB_4Q11.pdf |title=Thomas & Betts Corporation Reports Fourth Quarter 2011 Net Earnings |publisher=www.tnb.com |date=2012-01-30 |accessdate=2012-02-01}}</ref>

Revision as of 04:15, 1 April 2013

"ABB" redirects here. For other uses, see ABB (disambiguation).
ABB Ltd.
Company typePublicly traded limited company
SIX: ABBN, NYSE: ABB, Nasdaq Stockholm: ABB, NSE: ABB, BSE: 500002
ISINCH0012221716 Edit this on Wikidata
IndustryElectrical equipment
Founded1988 through merger of ASEA (1883) of Sweden and Brown, Boveri & Cie (1891) of Switzerland
HeadquartersZürich, Switzerland
Area served
Worldwide
Key people
Joe Hogan (CEO), Hubertus von Grünberg (Chairman)
ProductsPower technology, Industrial automation
RevenueUS $39.337 billion (2012)[1]
US $3.838 billion (2012)[1]
US $2.704 billion (2012)[1]
Total assetsUS $28.002 billion (2012)[1]
Total equityUS $16.906 billion (2012)[1]
Number of employees
145,000 (June 2012)[2]
Websitewww.abb.com

ABB (SIX: ABBN) is a multinational corporation headquartered in Zurich, Switzerland, operating in robotics and mainly in the power and automation technology areas. It ranked 143rd in the Forbes Ranking (2010).

ABB is one of the largest engineering companies as well as one of the largest conglomerates in the world. ABB has operations in around 100 countries, with approximately 145,000 employees in June 2012,[2] and reported global revenue of $40 billion for 2011.[3]

ABB is traded on the SIX Swiss Exchange in Zürich and the Stockholm Stock Exchange in Sweden since 1999, and the New York Stock Exchange in the United States since 2001.[4]

History

See also: ASEA and Brown, Boveri & Cie

ABB resulted from the 1988 merger of the Swedish corporation Allmänna Svenska Elektriska Aktiebolaget (ASEA) and the Swiss company Brown, Boveri & Cie (BBC); the latter had absorbed the Maschinenfabrik Oerlikon in 1967. CEO at the time of the merger was the former CEO of ASEA, Percy Barnevik, who ran the company until 1996.

ABB's history goes back to the late 19th century. ASEA was incorporated by Ludwig Fredholm in 1883 and Brown, Boveri & Cie (BBC) was formed in 1891 in Baden, Switzerland, by Charles Eugene Lancelot Brown and Walter Boveri as a Swiss group of electrical companies producing AC and DC motors, generators, steam turbines and transformers.

ABB around the world.

Organizational structure

ABB is the world's largest builder of electricity grids[5] and is active in many sectors, its core businesses being in power and automation technologies. The company has one corporate division and five production divisions since reorganisation in January 2010.

Power Products

Power products are the key components for the transmission and distribution of electricity. The division incorporates ABB's manufacturing network for transformers, switchgear, circuit breakers, cables, and associated high voltage and medium voltage equipment such as digital protective relays. It also offers maintenance services. The division is subdivided into three business units - High Voltage Products, Medium Voltage Products and Transformers.

Power Systems

Power Systems offers turnkey systems and service for power transmission and distribution grids, and for power plants. Electrical substations and substation automation systems are key areas. Additional highlights include flexible AC transmission systems (FACTS), high-voltage direct current (HVDC) systems and network management systems. In power generation, Power Systems offers the instrumentation, control and electrification of power plants. The division is subdivided into four business units - Grid Systems, Substations, Network Management, and Power Generation.

Discrete Automation and Motion

The division Discrete Automation and Motion provides products and services for industrial production. It includes electric motors, generators, drives, programmable logic controllers (PLCs), analytical[clarification needed], power electronics and industrial robots. ABB has installed over 200,000 robots.[6] In 2006, ABB's global robotics Manufacturing headquarters moved to Shanghai, China. Also, wind generator and solar power inverter products belong to this division.

Low Voltage Products

The Low Voltage Products division manufactures low-voltage circuit breakers, switches, control products, wiring accessories, enclosures and cable systems to protect people, installations and electronic equipment from electrical overload. The division further makes KNX systems that integrate and automate a building's electrical installations, ventilation systems, and security and data communication networks. Low Voltage Products also incorporates a Low Voltage Systems unit manufacturing low voltage switchgear and motor control centres. Customers include a wide range of industry and utility operations, plus commercial and residential buildings.

Process Automation

The main focus of this ABB business is to provide customers with systems for control, plant optimization, and industry-specific automation applications. The industries served include oil and gas, power, chemicals and pharmaceuticals, pulp and paper, metals and minerals, marine and turbocharging.

Corporate and Other

The Corporate and Other department of ABB deals with the overall management and functioning of the company as well as asset management and investment. It supports MNCs.

Corporate affairs

In the early 1990s, ABB purchased Combustion Engineering (C-E), headquartered in Stamford and Norwalk, Connecticut, a leading U.S. firm in the development of conventional fossil fuel power and nuclear power supply systems to break into the North American market. Klaus Agthe was CEO of the US operation at the time. Continuing with its expansion plans, ABB purchased Elsag Bailey, a process automation group, in 1997 which included Bailey Controls, Hartmann & Braun, and Fischer & Porter. This was the largest acquisition to date in ABB's history.

ABB bought International Combustion Ltd[7] from Rolls-Royce[8] in 1997.

ABB's boiler and fossil fuel businesses were purchased by Alstom in 2000, and its nuclear business was purchased by Westinghouse Electric Company in 2000. In 2000, ABB also signed a contract for the delivery of equipment and services for two North Korean nuclear powerplants to be supplied under an agreement with the Korean Peninsula Energy Development Organization (KEDO),[9] a consortium formed in 1995 by the governments of the United States, Japan, South Korea and the European Union.[10] ABB formally divested from a joint venture named ABB-Alstom Power in 2000, and sold its interest in conventional power generation systems to Alstom Power. ABB's nuclear business was sold[11] to BNFL and merged into Westinghouse Electric Company.

In 2001, ABB was ranked as number one on the Dow Jones corporate sustainability index[12] for the third year in a row.

In 2002, ABB asked Lindahl, the company's former chief executive, to return some of his $50 million retirement pay, which its board called excessive. ABB also asked its former chairman Percy Barnevik to pay back part of his $87 million pension package. The size of the pensions was disclosed at the same time as ABB's $691 million net loss for 2001 made headlines and drew sharp criticism in Switzerland and Sweden.[13]

ABB's Building Systems business unit was sold off in 2004 to Capvis,[14] a Swiss private equity company, as part of ABB's strategy to focus on power and automation technologies. ABB's building systems businesses in Australia and Hong Kong were sold off the year before, in May 2003, to Downer EDI Limited. Building Systems provided services for building facilities encompassing indoor air quality, building automation as well as power distribution and management.

Financial debt and lingering asbestos liability brought ABB to the brink of bankruptcy in the early 2000s. In 2006, ABB returned to financial health by settling its asbestos liability regarding claims that were filed against ABB's U.S. subsidiaries, Combustion Engineering and Lummus Global.[15] In August 2007 Lummus Global was sold to CB&I.[16]

In December 2008, ABB acquired Ber-Mac Electrical and Instrumentation to expand its presence in western Canada's oil and gas industries. Ber-Mac Electrical and Instrumentation has been in the business of supplying electrical power and instrumentation equipment and services, both domestically and to international markets since 1980. Ber-Mac provides its clients with expertise in industrial automation, electrical and instrumentation design, process optimization, panel fabrication and field services. It is particularly strong in the Oil & Gas industry. Ber-Mac’s value proposition in engineering expertise and service capabilities is highly respected throughout Western Canada, this was a key factor in ABB’s decision to acquire the firm. This acquisition significantly expanded ABB’s presence in Western Canada to more than 760 employees in over 20 locations.

In 2009, ABB realigned its automation divisions to enhance growth opportunities. As of January 1, 2010, the business units in the Automation Products and Robotics divisions were regrouped into two new divisions – Discrete Automation and Motion, and Low Voltage Products. The Process Automation division remained unchanged except for the addition of the instrumentation business from the Automation Products division.

In May 2010, ABB acquired Ventyx for more than $1 billion from Vista Equity Partners.[17]

In 2011, on May 9 ABB announced acquisition of Australian-based Mincom Limited from private equity firm Francisco Partners - to expand their enterprise software business for undisclosed sum.[18] On July 29, 2011, acquisition has been finalised.[19]

In 2011 ABB acquired Baldor Electric USA for $4.2 billion in an all-cash transaction

On January 30, 2012, ABB Group acquired Thomas & Betts in a $3.9 billion cash transaction.[20]

On June 15, 2012, ABB completed acquisition of Tropos.

Management

On July 17, 2008, the Board of Directors of ABB Ltd. announced the appointment of Joseph M. Hogan as Chief Executive Officer and Member of the Executive Committee of The ABB Group. Hogan is a graduate of Geneva College and holds an MBA from Robert Morris, both located in Western Pennsylvania.

Former CEOs:

Chairman of the Board

The Board of Directors[21] is chaired by Hubertus von Grünberg. He took over the position in May 2007, following the retirement of Jürgen Dormann, who had chaired the board since 2002.

Former Board Members:

Primary investors

The largest single stake in the firm is held by the Swedish investment company Investor AB, controlled by the Wallenberg family, which holds 7.1%.[22]

See also

References

  1. ^ a b c d e "Annual Results 2012". ABB. Retrieved 2013-02-14.
  2. ^ a b "Our businesses". ABB. Archived from the original on 7 July 2011. Retrieved 2011-02-20.
  3. ^ "Annual Results 2012". ABB. Retrieved 2013-02-14.
  4. ^ "ABB listings and symbols". Abb.com. Archived from the original on 20 December 2010. Retrieved 2010-12-12. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  5. ^ Anjili Raval (18 February 2010). "ABB's acquisitive mood leads to big gains". Financial_Times.
  6. ^ "ABB Robotics". ABB. Archived from the original on 7 July 2011. Retrieved 2011-02-20.
  7. ^ "International Combustion Ltd from American roots to Sinfin Lane". Bygonederbyshire.co.uk. 2010-12-06. Retrieved 2010-12-12.
  8. ^ "UK Business Park". UK Business Park. Retrieved 2010-12-12.
  9. ^ "Press release: ABB to deliver systems, equipment to North Korean nuclear plants". ABB. 20 January 2000. Retrieved 2009-09-13.
  10. ^ Randeep Ramesh (2003-05-09). "The two faces of Rumsfeld". London: The Guardian.
  11. ^ "Press release: ABB to sell nuclear business to BNFL". ABB. 29 December 1999. Retrieved 2009-09-13.
  12. ^ "Dow Jones Sustainability Indexes".
  13. ^ by Edith M. Lederer (2002-03-01). "UN: Swedish Businessman Loses Job". CorpWatch. Retrieved 2010-12-12.
  14. ^ "ABB sells Swiss Building Systems business". Abb.com. 2004-02-20. Retrieved 2010-12-12.
  15. ^ Uncredited (September 1, 2006). "ABB asbestos claims resolved". Reuters.
  16. ^ Krauskopf, Lewis (2007-08-27). "CB&I to buy Lummus Global from ABB". Reuters.com. Retrieved 2010-12-12.
  17. ^ "ABB acquires Ventyx to strengthen its network management business". abb.com. 2010-05-05. Retrieved 2012-08-27.
  18. ^ "ABB Press Release: ABB acquires Mincom to expand enterprise software business" (PDF). abb.com. 2011-05-09. Retrieved 2011-08-06.
  19. ^ "ABB Press Release: ABB completes acquisition of Mincom" (PDF). abb.com. 2011-07-29. Retrieved 2011-08-06.
  20. ^ "Thomas & Betts Corporation Reports Fourth Quarter 2011 Net Earnings" (PDF). www.tnb.com. 2012-01-30. Retrieved 2012-02-01.
  21. ^ "ABB Board of Directors". Abb.com. 2010-02-01. Archived from the original on 20 December 2010. Retrieved 2010-12-12. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  22. ^ "ABB: Major shareholders".

Further reading

  • ABB (2005): The Dormann Letters, Jürgen Dormann/ABB Group, Zurich
  • Bélanger, Jacques et al. (2001): Being local worldwide: ABB and the challenge of global management, Cornell University Press, New York. ISBN 0-8014-3650-8
  • Kevin Barham, Claudia Heimer (1998): ABB: the dancing giant – creating the globally connected corporation. Financial Times, London. ISBN 0-273-62861-5
Wikimedia Commons has media related to ABB.
Retrieved from "https://en.wikipedia.org/w/index.php?title=ABB&oldid=548092847"