ABB Ltd
06 March 2007
ABB sells building systems business in Germany
Sale supports strategy of focus on core power and automation technologies
Zurich, Switzerland, March 6, 2007 - ABB, the leading power and automation
technology group, has agreed to sell the remainder of its building systems
business to the systems business WISAG Group based in Frankfurt, Germany.
The business operates in Germany under the name ABB Gebaudetechnik as a general
contractor for technical building services. It also supplies electrical, heating
and air-conditioning systems, as well as building and facility management
services. In 2006, the company had more than 1,100 employees and revenues of
$305 million.
'The building systems business has been part of ABB's non-core activities since
2002,' said Michel Demare, ABB's chief financial officer. 'This divestment and
the sale of our other building system businesses in 2003 and 2004 follows the
strategy of focusing on our core competence, which is power and automation
technologies.'
ABB and WISAG have agreed not to disclose the terms of the transaction, which is
subject to the customary approvals.
The WISAG Group is one of Germany's leading service companies, with more than
20,600 employees in 120 locations and agents in 4 European countries.
ABB (www.abb.com) is a leader in power and automation technologies that enable
utility and industry customers to improve their performance while lowering
environmental impact. The ABB Group of companies operates in around 100
countries and employs about 108,000 people.
This information is provided by RNS
The company news service from the London Stock Exchange
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