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ABB

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ABB Ltd.
Company typePublic (SIX: ABBN, NYSE: ABB, Nasdaq Stockholm: ABB)
ISINCH0012221716 Edit this on Wikidata
IndustryPower technology, Industrial automation
Founded1988 through merger of ASEA of Sweden and Brown, Boveri & Cie of Switzerland
HeadquartersZürich, Switzerland
Area served
Worldwide
Key people
Joseph Hogan (CEO), Hubertus von Grünberg (Chairman of the board)
RevenueUS $34.91 billion (2008)[1]
Increase US $4.552 billion (2008)[1]
Increase US $3.118 billion (2008)[1]
Total assetsUS $33.18 billion (2008)[1]
Total equityUS $11.16 billion (2008)[1]
Number of employees
120,000 (2008)[1]
Websitewww.abb.com

ABB, formerly Asea Brown Boveri, is a multinational corporation headquartered in Zürich, Switzerland, operating mainly in the power and automation technology areas. ABB is one of the largest engineering companies as well as one of the largest conglomerate companies in the world. ABB has operations in around 100 countries, with approximately 115,000 employees (2008).

ABB is traded on the SIX Swiss Exchange under the Virt-x financial system based in Zurich, the Stockholm Stock Exchange in Sweden, and the New York Stock Exchange in the United States.

Divisions

ABB is the world's largest builder of electricity grids and is active in many sectors with its core businesses in power and automation technology.

Power Products

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. Power Products are the key components to transmit and distribute electricity. It also offers all the services needed to ensure products' performance and extend their lifespan. The division is subdivided into three business units - High Voltage Products, Medium Voltage Products and Transformers.

Power Systems

Power Systems offers turnkey systems and services for power transmission and distribution grids, and for power plants. Electrical substations and substation automation systems are key areas. Additional highlights include flexible alternating current 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.

Automation Products

It provides products to improve customers' productivity, including drives, electric motors and generators, low voltage products, instrumentation and analytical, and power electronics. The customer profile of this division includes 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 integrated solutions for control, plant optimization, and industry-specific application knowledge. The industries served include oil and gas, power, chemicals and pharmaceuticals, pulp and paper, metals and minerals, marine and turbocharging.

Robotics

ABB has one of the world's largest installed bases of industrial robots also providing robot software, peripheral equipment and modular manufacturing cells. ABB's robots are provided for tasks such as welding, assembly, painting and finishing, picking, packing, palletizing and machine tending. Key markets include automotive, plastics, metal fabrication, foundry, packaging, material handling, and food & beverage industries. In 2006 ABB's global robotics headquarters moved to Shanghai, China[2] and in 2007 ABB added a manufacturing unit for industrial robots in China serving the local market[3].

Other areas of activity

The company's Building Systems activities has been sold off globally, but still operates in a handful of countries. It provides integrated solutions for building facilities encompassing indoor air quality, building automation as well as power distribution and management. In the UK, ABB has supplied and installed Highway / Street / Public Lighting for developers, councils and others. In Australia, ABB plays a major role in the installation and maintenance of the country's copper-wire telephone network or 'local loop' (owned by Telstra).

History

ABB resulted from the 1988 merger of Swedish and Swiss corporations ASEA and BBC Brown Boveri (Brown, Boveri & Cie), 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 nineteenth century. ASEA was incorporated in 1883 and Brown, Boveri & Cie (BBC) was formed in 1891.

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. Continuing with its expansion plans, ABB purchased ELSAG BAILEY in 1999, which included Bailey Controls, Hartmann & Braun, and Fischer & Porter. This was the largest acquisition to date in ABB's history.

In 2000, ABB 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), a consortium formed in 1995 by the governments of the United States, Japan, South Korea and the European Union.[4] Also in 2000, ABB formally divested from a joint venture named ABB-Alstom Power and sold its interest in conventional power generation systems and rail transportation to Alstom Power. ABB's nuclear business was sold[5] to BNFL and merged into Westinghouse Electric Company.

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 huge $691 million net loss for 2001 made headlines and drew sharp criticism in Switzerland and Sweden. [6]

ABB was formally listed on the New York Stock Exchange in 2001. Also during that year, ABB was ranked as number one on the Dow Jones corporate sustainability index[7] for the third year in a row.

ABB went through a reorganization in 2005 to focus on the company's core business of power and automation technologies. The reorganization created the current structure of ABB with five business sectors (units) consisting of Power Products, Power Systems, Automation Products, Process Automation, and Robotics.

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.[8] In August 2007, Lummus Global was sold to CB&I.[9]

History of leadership

On July 17, 2008, the Board of Directors of ABB Ltd. announced that Joseph Hogan has been appointed Chief Executive Officer of the ABB Group as of September first. Mr. Hogan is the former head of GE Healthcare. [10] Mr. Hogan holds a Bachelor of Science degree in Business Administration from Geneva College and an MBA from Robert Morris University, both located in Pennsylvania.

Former CEOs:

The Board of Directors[11] 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:

See also

References

  1. ^ a b c d e f "Annual Results for 2008" (PDF). ABB. Retrieved 2009-02-16.
  2. ^ Isabelle Liu, ABB (2006-09-29). "ABB Robotics helps to improve productivity for Chinese auto customer". ABB.
  3. ^ "ABB starts robot production". China Daily. 2006-09-29.
  4. ^ Randeep Ramesh (2003-05-09). "The two faces of Rumsfeld". The Guardian.
  5. ^ Press release: ABB to sell nuclear business to BNFL
  6. ^ http://www.corpwatch.org/article.php?id=1928 CorpWatch: UN: Swedish Businessman Loses Job
  7. ^ "Dow Jones Sustainability Indexes".
  8. ^ Uncredited (September, 1 2006). "ABB asbestos claims resolved". Reuters. {{cite news}}: Check date values in: |date= (help)
  9. ^ CB&I to buy Lummus Global from ABB
  10. ^ ABB: ABB appoints Joseph Hogan as new CEO
  11. ^ ABB Board of Directors

See also

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