A brief history of ABB (1987- 2002)

A brief history 1987- 2002


October 24, 2002 ABB streamlines divisional structure
As part of a drive to lower its cost base, ABB combines core businesses into two divisions, Power Technologies and Automation Technologies. The Oil, Gas and Petrochemicals division is kept as a separate unit, and the Group Processes division is dissolved. The Executive Committee is reduced from eight to six members.

September 18, 2002 ABB sells metering business for US$ 244 million
ABB sells its metering business to Ruhrgas Industries GmbH of Essen, Germany, for US$ 244 million on a cash and debt-free basis. The sale is part of ABB’s strategy to focus on power and automation technologies. Proceeds are to be used to further reduce debt.

September 5, 2002 ABB Board of Directors appoints Jürgen Dormann president and CEO
Jürgen Dormann, Chairman of the Board, assumes operational leadership of the ABB Group, aiming to speed up effective implementation of the company strategy. Dormann says that under his leadership, ABB will continue to concentrate on its core activities in the fields of power and automation technologies.

September 4, 2002 Structured Finance business sold to GE Commercial Finance for US$ 2.3 billion
ABB signs an agreement to sell most of its Structured Finance business to GE Commercial Finance for total cash proceeds, including equity and debt, of about US$ 2.3 billion. ABB’s net debt is to be cut by the same amount.

July 23, 2002 Recovery continues as orders rise in second quarter
A recovery in orders witnessed in the first quarter continues into the second with four divisions increasing their earnings. Orders from large customers grow 16 percent and the company predicts a stronger second half. First-half EBIT is US$ 368 million after US$ 185 million in restructuring costs, asset write-downs and charges Net income is US$ 101 million, compared to US$ 266 million in first half 2001

July 22, 2002 ABB wins US$ 987 million oil and gas order in Russia's Far East
Exxon Neftegas Limited awards ABB a contract worth US$ 987 million to develop onshore oil and gas processing and well-site support facilities on Russia's Sakhalin Island. ABB plans to sub-contract most of the work to Russian companies, and says its experience of working in harsh climatic conditions and delivering large projects in Russia helped it win the contract.

July 2, 2002 ABB certifies 10,000 products to new standard
ABB certifies 10,000 products to IndustrialIT, its new industrial information technology standard. By the end of 2002 the company plans to certify all 40,000 ABB products and product groups. At the end of 2001 900 products were IndustrialIT-certified and, in February 2002, 3,000.

May 3, 2002 ABB signs US$ 330 million Statoil contract
ABB signs a US$ 330 million contract with Statoil of Norway for the maintenance and modification of six offshore oil and gas platforms in the North Sea, as well as the onshore Kollsnes processing plant.

April 24, 2002 ABB's operational and financial restructuring on track
Net income for the first quarter of 2002 is US$ 114 million, compared with US$ 138 million in the same period last year. Its first quarter EBIT margin (4.5 percent) is in line with the 2002 target. And operational cash flow, at US$ -138 million, is stronger than in the first quarter of 2001 (US$ -217 million).

March 18, 2002: ABB wins US$ 30 million contract from Algeria’s national power company
ABB, the global power and automation technology group, said today it has won a US$ 30 million contract from Algeria’s national power company Société Nationale d'Electricité et du Gaz (Sonelgaz) to install five new electricity load dispatch centers and a related IT system.
They are scheduled to start operation in early 2004.

February 18, 2002: ABB opens R&D center in India
ABB opened a research and development center in Bangalore to focus on software development and Industrial IT. With Industrial IT, ABB is integrating its entire power and automation technology offerings to enable utility or industry customers to make their installations more productive. In 2001, ABB had revenues of US$ 2.7 billion in Asia, the same level as in 2000. It had 11 percent of its employees working in the region. The new ABB center, a fully-owned subsidiary located in the International Technology Park (ITPL) in Bangalore, will initially bring together 30-50 industrial software programmers and engineers.

February 13, 2002: ABB reports US$ 691 million net loss for 2001
ABB today reported a US$ 691 million net loss for 2001, after an increase in provisions for asbestos liabilities, a change in the calculation method for some reinsurance reserves, asset write-downs, and costs and provisions for project losses. In local currencies, orders remained stable and revenues increased. EBIT fell to US$ 279 million from US$ 1,385 million in 2000.
Revenues increased 3 percent to US$ 23,726 million, or 8 percent in local currencies. The order backlog declined by 9 percent to US$ 13,471 million, or 4 percent in local currencies, compared to year-end 2000.

January 30, 2002: ABB takes US$ 470 million charge against 2001 earnings
ABB takes a US$ 470 million charge against 2001 earings to increase its provisions for the U.S. asbestos claims. The claims come from Combustion Engineering, a subsidiary in the United States, With the charge, ABB is increasing its total asbestos provisions from US$ 590 million at the end of 2000 to about US$ 940 million. The number of new claims filed against Combustion Engineering increased from 39,000 in 2000 to 55,000 in 2001. The asbestos liabilities in the U.S. come from claimed exposure to asbestos in products supplied before the mid-1970s by Combustion Engineering, a company ABB acquired in 1990.

January 28, 2002: ABB wins US$ 165 million contract expand ethylene plant in Poland
ABB said today it has won a US$ 165 million contract to expand an ethylene plant in Poland, a project that will substantially increase the country’s ethylene and propylene production. ABB will revamp the 21-year-old plant located in Plock, approximately 100 kilometers from Warsaw. New technology will increase PKN’s ethylene production from 360,000 metric tons per annum (MTA) to 660,000 MTA and propylene production from 130,000 MTA to 315,000 MTA. ABB is considered the leading provider of ethylene technology with about 40 percent of the world’s ethylene capacity. The work is slated for completion at the end of 2004.

January 4, 2002: ABB sells 90-percent of shares in b-business partners for US$ 166 million
Investor AB has increased its position in b-business partners, a pan-European venture capital company, by acquiring 90 percent of ABB’s shares and capital commitments. As a result of the transaction, ABB received US$ 166 million. Investor's share of paid in capital and future commitments will now be approximately 75 percent. This transaction is in line with Investor AB’s strategy to further strengthen its position in the European venture capital market, and ABB’s strategy of focusing on its core businesses in power and automation technologies.

December 21, 2001: ABB sells railway electrification business for US$ 38 million
ABB said that it is selling its railway electrification project business (overhead contact line) to Balfour Beatty Plc for US$ 38 million as part of its strategy to focus on its core areas of power and automation technologies for utilities and industry. The business unit is expected to report revenues of some US$ 90 million in 2001.

December 21, 2001: ABB wins US$ 32 million contract from ThyssenKrupp Steel
In one of its largest Industrial IT projects to date, ABB wins a $32-million contract from ThyssenKrupp Steel AG to act as general electrical contractor for a new coking facility at a plant at Duisburg Schwelgern in Germany’s Ruhr area. Industrial IT will measure and control manufacturing, safety and environmental processes at the plant.

December 10, 2001: ABB sells air handling business for US$ 225 million
ABB sells its air handling equipment business to Global Air Movement (Luxembourg) SARL for US$ 225 million, as part of its strategy to focus on power and automation technology products, systems and solutions for utilities and industry. Global Air Movement (Luxembourg) SARL is a company formed on behalf of Compass Partners European Equity Fund L.P., management and other investors. The air handling business reported revenues of around US$ 440 million in 2000.

December 7, 2001: ABB leads US$ 65 million consortium building power line on Java
A consortium led by ABB signed a contract worth about US$ 65 million with the Indonesian state electricity supplier PT-PLN (Persero) to build a 309-kilometer power line on the main island of Java. ABB’s portion of the contract is worth about US$ 32 million. The line is part of the extension of the 500 kV ultra-high voltage grid linking new power plants in eastern Java to the cities of Jakarta, Bandung and Yogyakarta. ABB will lead a group of consortium partners and subcontractors, and provide engineering, design, project management, supply management and logistics for a project that will involve 4,000 workers in more than 750 construction sites.

November 27 2001: ABB wins five-year, US$ 36 million contract from Statoil
ABB won a US$ 36 million, five-year contract with Norwegian oil company Statoil for the maintenance and modification of a gas treatment plant in Norway and platforms in the North Sea.

November 14, 2001: ABB streamlines R&D to focus on software and Industrial IT
ABB streamlines its research and development to focus on technologies that increase productivity and sustainability for utility and industry customers, especially growth areas linked to its broad initiative called industrial information technology, patented as Industrial IT. In Europe, the shift in focus is coupled with a decrease from 760 to 550 scientists in Group R&D labs. In the United States and Asia, Group R&D staffing will grow from 25 to 100 scientists in the new technology areas.

November 1, 2001: ABB wins US$ 23 million contract to modify platform for Statoil
ABB announces a US$ 23 million contract from Statoil of Norway to modify the Sleipner A platform in the North Sea. The modifications will connect Sleipner A to oil and gas recovered from the new Sigyn field.

October 29, 2001: ABB-led consortium wins US$ 30 million order for energy storage system in Alaska
An ABB-led consortium wins a US$ 30 million order from Golden Valley Electric Association Inc (GVEA) in Fairbanks, Alaska, for the supply, installation and project management of the world’s largest Battery Energy Storage System (BESS). The energy storage system includes a massive nickel-cadmium battery, power conversion modules, metering, protection and control devices and service equipment. It will provide continuous voltage support during normal operation, as well as energy back-up - known as ‘spinning reserve’ - to quickly provide power during system disturbances, minimizing customer interruptions.

October 24, 2001: ABB reports improved operating performance
ABB reports financial results for first nine months of 2001. Revenues rose 9 percent and earnings before interest and taxes (EBIT) – excluding one-time capital gains – increased 15 percent in local currencies. But seeing a decline in orders, ABB also said it will accelerate its cost-cutting program and accelerate plans to cut 12,000 jobs. Orders decreased 8 percent to US$ 17,863 million. Revenues increased to US$ 16,877 million, up 4 percent in nominal terms. Excluding one-time capital gains, EBIT increased 9 percent to US$ 763 million compared to the first nine months of 2000.

October 12, 2001: ABB wins US$ 360 million order for Chinese power line
ABB won a US$ 360-million order to build a high-voltage direct current (HVDC) power transmission system linking hydropower plants in central China to Guangdong province. The contract was awarded by the State Power Corporation of China, ABB will design and build a 3,000-megawatt link delivering power to the industrial region of Guangdong 940 kilometers away. The project is the second major order in China in two years, and further evidence of ABB’s desire to support Chinese economic development by offering advanced technological solutions.

October 11, 2001: ABB tops sustainability index for third year in a row
ABB is ranked number one in corporate sustainability by the Dow Jones Sustainability Index (DJSI), topping the electric components and equipment industry group for the third year in a row.

September 24, 2001: ABB wins US$ 44 million order to upgrade Chicago’s power grid
ABB won a US$ 44 million turnkey order from Commonwealth Edison (ComEd), one of the largest electric utilities in the United States, to build a new substation to meet growing demand for power in downtown Chicago. ABB’s scope of supply includes conceptual design, civil engineering, equipment supply, installation and commissioning of the De Koven substation, which is scheduled for completion and start-up in May 2002.

September 19, 2001: ABB awarded wellhead platform project
ABB, in partnership with Heerema of Holland, is awarded a contract by Esso Exploration Angola (Block 15) Limited (Esso) - a subsidiary of ExxonMobil Corporation - to design, build and commission a deepwater tension leg platform for the Kizomba A Project located in the deepwater Block 15 offshore Angola.

September 5, 2001: ABB wins $95-million in orders to build and operate offshore oil production units
ABB won two orders from Bergesen d.y. Offshore, the Norway-based floating production contractor, to build and operate the oil processing systems on two floating production, storage and offloading (FPSO) units. The value of the order is US$ 95 million. One of the FPSOs, “Berge Hus,” is expected to be ready for operation in January 2002 and will be able to process 160,000 barrels of liquids per day. The second FPSO, “Berge Helene,” will have a production capacity of 60,000 barrels of oil per day and is expected to be ready for operation during the summer of 2002.

August 23, 2001: ABB buys Mexican drilling and production equipment company
ABB acquired FIP S.A., a leading supplier of pressure containing equipment for oil and gas production in Mexico, based in Mexico City. The company employs 450 people and supplies wellheads and gate valves used in oil and gas wells to customers around the world. ABB intends to market FIP products and services worldwide. ABB is acquiring FIP S.A. from Walworth de Mexico S.A. The terms of the purchase were not disclosed.

August 13, 2001: ABB wins US$ 93 million contract to build gas compressor linking Algeria and Europe
ABB announced it has been awarded a contract worth US$ 93 million to design and build a gas compressor station linking Algeria and Europe. The SC3 compressor station will be built on the Pedro Duran Farell Pipeline, a 1,400 kilometer gas line connecting Algeria to Europe through a link under the Straits of Gibraltar. It will increase the pipeline’s flow rate from 8 billion to about 11 billion cubic meters of gas per year. The pipeline is owned and operated by the state-run oil and gas company, Sonatrach.

July 24, 2001: ABB cites difficult markets – revises outlook, initiates cost reduction program
ABB said it would cut 12,000 jobs – eight percent of its workforce – over the next 18 months to counter difficult market conditions. Revenues were flat, at US$ 11 million but up 7 percent in local currencies for the first half of 2001. Earnings before interest and taxes were down 21 percent, to US$ 626 million compared to the first half of 2000.

July 19, 2001: ABB wins US$ 17 million contract for power line in Laos
ABB won a US$ 17-million contract to design and build a 340-kilometer power transmission line in Laos. The project, slated to be completed in two years, also includes a 282-kilometer power distribution network, is part of an ongoing initiative to upgrade Laos’ rural electrical infrastructure.

June 28, 2001: ABB opens office in Pyongyang
ABB officially opens an office in Pyongyang, the capital of the Democratic People’s Republic of Korea (DPRK), solidifying an agreement signed in November 2000 to help improve the performance of the country’s electricity transmission network and basic industries.

June 19, 2001: ABB wins US$ 70 million contract to upgrade pipeline in Algeria
ABB won a US$ 70-million contract to upgrade a key oil pipeline in Algeria. The company will upgrade the 290-kilometre line owned and operated by state-run oil and gas company Sonatrach, to increase capacity from 17 to 23 million barrels per year. The pipeline links the Hassi Berkine oil field with the dispatching terminal of Haoud El Hamra, located in the Berkine Basin, approximately 1,000 kilometers southeast of Algiers. The project is slated for completion in less than two years.

June 13, 2001: ABB wins contracts worth US$ 300 million for two high-voltage power systems
ABB wins contracts worth about US$ 300-million to design and build two high-voltage power transmission systems with a combined length of nearly 1,300-kilometers to help satisfy the steadily increasing demand for energy in Brazil. ABB will design, procure and construct all transmission line components, including six 500 kilovolt substations and reactive power compensation equipment. Many of the projects’ components will be manufactured at ABB plants in São Paulo and Minas Gerais.

May 31, 2001: ABB and Dow sign ten-year, global strategic agreement
ABB and The Dow Chemical Company signed a 10-year, global strategic agreement to infuse Dow’s plants with a new generation of ABB Industrial IT technologies to link operations and enhance productivity. The Dow Chemical Company has annual sales of US$30 billion

May 15, 2001: Norsk Hydro awards ABB a two-year, US$ 110 million contract
Norsk Hydro, the Norwegian energy resource group, has awarded ABB a two-year, US$ 110 million contract to continue maintaining and modifying oil and gas installations in the North Sea. ABB’s frame agreement with Norsk Hydro was originally signed in 1994. The contract was the first of its kind on the Norwegian shelf and marked a change in maintenance philosophy, wherein oil companies started outsourcing more of their regular work to a single partner. Today, most of the maintenance and modification work on the Norwegian shelf is regulated through contracts like these.

April 9, 2001: ABB launches bid to acquire Entrelec
ABB launched a bid to acquire the French company Entrelec, a Lyon-based supplier of industrial automation and control products. The value of the bid on a fully diluted basis is approximately €310 million. The acquisition is aimed at expanding ABB’s automation technology product range and reinforcing its position in key European and American markets. ABB later obtains 4,789,183 shares, representing 99.1 percent of the outstanding share capital of Entrelec Group on a fully diluted basis, and 99.1 percent of the voting rights.

April 6, 2001: ABB lists shares on the New York Stock Exchange
ABB lists its shares on the New York Stock Exchange, saying the move was aimed at supporting the company’s growth strategy. ABB's U.S. operations already employ more than 16,000 people in 40 states.

In late March, ABB launched a program to buy back six million shares for cancellation. Shareholders endorsed the buy-back of two percent of ABB’s total share capital at the annual general meeting of ABB Ltd in Zurich, Switzerland. A share-split program approved at the meeting takes affect on May 7, 2001.

March 23, 2001: ABB wins five-year, US$ 250 million oil and gas contract from BP
ABB is awarded a five-year, US $250 million contract to supply well system equipment to the Gulf of Mexico deepwater development programs of petroleum and petrochemicals group BP. The contract includes an option to extend to ten years. The scope of the order includes subsea wellhead equipment, drilling and production risers, and surface wellheads and trees for BP’s deepwater development program. The equipment will be manufactured and tested at ABB facilities in Houston, Texas.

March 22, 2001: ABB wins US$ 180 million order for subsea system offshore Nigeria
ABB maintains its leading market position in West Africa by announcing a US$ 180 million order to deliver the subsea production system for the Bonga development project currently underway 120 kilometres offshore Nigeria. The equipment will be installed in a water depth of up to 1,200 meters. The first subsea equipment delivery will be in 15 months. Equipment delivery will continue until mid 2009. ABB is also constructing a new US$ 2 million subsea operations base in the Onne free port in Nigeria as part of the project.

March 20, 2001: ABB shareholders approve share split
Shareholders in ABB Ltd approved a 4-to-1 share split to improve the liquidity and marketability of the company’s shares.

March 14, 2001: ABB wins US$ 60 million order from National Grid
ABB won an order worth US$ 60 million from National Grid, the private U.K. power utility, for a 20-kilometer high-voltage underground power cable to link two substations in London. The project is part of National Grid’s program to upgrade part of the London power grid. ABB will manufacture, install, commission and test the cable. The project is scheduled for completion before the end of 2004.

February 5, 2001: ABB wins US$ 34 million order to improve power supply to London Underground
ABB wins a US$ 34-million order to improve the power supply to the London Underground, allowing the transit authority to replace electricity from an old power station with electricity from sophisticated and clean power sources. The London Underground order is part of a larger project to overhaul the area’s power distribution network, including cabling and switching.

January 30, 2001: ABB buys Eutech in the U.K.
ABB buys Eutech Engineering Solutions Ltd, the international engineering consultancy subsidiary of ICI Group of the U.K. Financial details were not disclosed. Eutech supplies a range of consulting services in manufacturing operations and engineering, including project implementation and management, to more than 150 chemicals, petrochemicals and pharmaceuticals customers worldwide. ABB’s strength in these areas is given a major boost.
January 11 2001: ABB reorganizes around customers

ABB becomes the first industry to organize around customers rather than technologies. Its worldwide enterprises are now centred around four customer groups to boost growth in a business environment of globalization, deregulation, consolidation and eBusiness. The four end-user division are Utilities, Process Industries, Manufacturing and Consumer Industries, and Oil, Gas and Petrochemicals. The two channel partner divisions Power Technology Products and Automation Technology Products cover all generic product needs within the ABB Group. Jörgen Centerman also took over as President and CEO on January 1. A new business area, New Ventures Ltd., was created to act as an incubator for new businesses.

Dec. 14, 2000: ABB wins US$ 160-million clean fuels order in U.S.
ABB to implement the major portion of a clean fuels project at Murphy Oil USA, Inc.’s refinery in Meraux, Louisiana, USA. Under the terms of the contract, ABB is responsible for engineering, procurement and construction of the project.

Dec. 1, 2000: ABB signs cooperation agreement with Democratic People’s Republic of Korea
Signs a wide-ranging, long-term cooperation agreement with the Democratic People’s Republic of Korea (DPRK) aimed at improving the performance of the country’s electricity transmission network and basic industries.

Nov. 30, 2000:ABB opens Industrial IT and automation center in Singapore
Opens an information technology and automation center in Singapore, part of its strategy to expand its position in a large and fast-growing market for industrial automation technologies.

Oct. 30, 2000: ABB signs US$ 200-million orders to modernize Russian refinery
Signs contracts worth some US$ 200 million to modernize Tyumen Oil Company’s oil refinery in Ryazan, Russia. The modernization project is intended to increase production of clean, high-octane gasoline at Tyumen’s largest refinery, located approximately 190 kilometers (120 miles) east of Moscow.

Oct. 25, 2000: ABB reports solid performance in mixed environment
Reports higher orders, earnings and margins in the first nine months of 2000. Continuing expansion in software, Industrial IT, eBusiness and telecommunications infrastructure ensures whole range of customers more intelligent products, systems, and solutions and solidifies our portfolio of businesses and technologies geared to the digital economy.

Oct. 5, 2000: ABB forming Industrial IT software joint venture with U.S. partner
Agrees to form a joint venture with U.S. software developer SKYVA International, a leading supplier of enabling software for collaborative commerce. ABB pays US$ 130 million for a 53-percent stake in the venture, and will transfer software engineers into SKYVA as part of the transaction. SKYVA International is a key developer of Java-based software for so-called collaborative commerce – where systems seamlessly link the business processes of suppliers, manufacturers and customers.

Sept. 12, 2000: ABB investing US$100 million in China’s Sinopec Corp. IPO
Invests US$ 100 million in Sinopec Corp., Asia’s largest refiner, through an Initial Public Offering (IPO). ABB will be a Strategic Investor in Sinopec Corp.’s IPO, joining several other multinational corporations.

June 8, 2000:ABB unveils next-generation wind power technology
Unveils a new wind power technology that makes wind farms competitive with conventional large power plants. The Windformer(TM) increases power output by up to 20 percent and cuts lifetime maintenance costs in half.

June 8, 2000: ABB sees billion-dollar growth opportunity in alternative and renewable energy
Outlines strategy for alternative energy solutions at a press conference in London, saying it expects its share of the business to reach US$ 1 billion within the next five years.

May 11, 2000: ABB’s sale of share in ABB ALSTOM POWER concluded
Concludes the sale of its 50-percent share in ABB ALSTOM POWER to ALSTOM.

May 2, 2000: ABB’s sale of nuclear business to BNFL closed
ABB and BNFL finalized the sale of ABB’s nuclear activities to the U.K.-based nuclear technology company following regulatory approval in Europe and the United States. The US$ 485 million transaction, first announced last December, is effective immediately.

March 27, 2000: ABB, Investor and partners launch new venture group to boost European business-to business eCommerce
ABB Ltd. and Investor AB announce the launch of b-business partners, a new European-based company with a capital base of more than Euro 1 billion. b-business partners will invest in and develop business-to-business eCommerce (e-B2B) companies across Europe, and aims to forge closer links between “new economy” and traditional enterprises.

March 16, 2000: ABB Ltd holds first Annual General Meeting
Holds its first annual general meeting of shareholders since the creation of the single-class ABB Ltd share. The meeting was held at two locations in Wettingen, Switzerland, and one in Västerås, Sweden. Shareholders in the three locations were linked via satellite television and an electronic voting system. It was the world’s first cross-border shareholders meeting using a real-time wireless electronic voting system.

Dec. 29, 1999: ABB to sell nuclear business to BNFL
ABB announces it will sell its nuclear power businesses to UK-based BNFL. The value of the transaction is US$ 485 million. Apart from the US, ABB's main nuclear operations are in Sweden, France, and Germany. Following the divestment of its nuclear business, ABB's remaining power generation business will focus on renewable energy and distributed power.

March 23, 1999: ABB and ALSTOM create world leader in power generation
ABB and Paris, France-based ALSTOM announce the merger of their power generation businesses in a 50-50 joint company, ABB ALSTOM POWER, headquartered in Brussels. The company employs about 54,000 people in more than 100 countries. The new company was formed to better respond to the changes and opportunities created by privatization and deregulation, thanks to the complementary product ranges, geographic scope and R&D capabilities of its parent companies.

Feb. 4, 1999: ABB creates new single share
The Boards of Directors of ABB Asea Brown Boveri Ltd, ABB AG of Switzerland and ABB AB of Sweden unanimously approved a plan to create a unified, single-class ABB share. It marked the final step in fully integrating ABB, formed in 1988 by the merger of Asea of Sweden and Brown Boveri of Switzerland. The single-class share - one share, one vote - replaced the four classes of shares of ABB AB (formerly Asea) and ABB AG (formerly Brown Boveri), with their varying voting rights and nominal values. Trading began June 28, 1999, in Zurich (ABB), Stockholm, London and Frankfurt.

Jan. 21, 1999: ABB acquires energy-related financial services company in the US
ABB acquires Energy Capital Partners, a US-based finance company servicing the North American energy services market. Renamed ABB Energy Capital LLC, the Boston, Massachusetts-based company provides financing for energy service companies, with a focus on improving energy efficiency for industrial, utility and public sector customers. Its hallmark product is performance based project financing, in which payment is linked to the achievement of pre-set efficiency improvement targets.

Jan. 20, 1999: ABB divests its share of 50-50 rail joint venture Adtranz to DaimlerChrysler
ABB and DaimlerChrysler announced that DaimlerChrysler will acquire ABB's share of their 50-50 rail joint venture Adtranz for cash compensation of US$ 472 million. The aim is to boost the global rail transportation leader by integrating it into the strategic portfolio of DaimlerChrysler.

Oct. 14, 1998: ABB acquires all shares of Elsag Bailey, aims to boost Automation business
ABB acquires Netherlands-based Elsag Bailey Process Automation N.V: for about US$ 2.1 billion, including debt of about US$ 600 million, making ABB a world leader in the global automation market. Elsag Bailey is a leading provider of automation systems, process instrumentation, analytical measurement products, and professional services. The company delivers control products and systems, instrumentation and analytical devices to utilities, pulp and paper, metals, chemicals, pharmaceuticals, oil and gas, food and beverage customers.

Aug. 12, 1998: ABB realigns Business Segments to tap market trends
ABB announced organizational changes aimed at boosting business growth areas, creating new synergies and ensuring greater responsiveness in local and globalized markets where deregulation and privatization are opening new opportunities. The Industrial and Building Systems segment was divided into three new segments: Automation; Oil, Gas and Petrochemicals; and Products and Contracting. The Power Transmission and Distribution segment was split into two separate segments, Power Transmission and Power Distribution, reflecting the diverging impacts on those businesses of deregulation and privatization. The Power Generation and Financial Services segments remained unchanged.

June 17, 1998: ABB acquires Alfa Laval Automation
ABB signed an agreement to acquire Sweden-based Alfa Laval’s Automation unit. Alfa Laval Automation is one of Europe’s five largest suppliers of process control systems and automation equipment. The unit employs 1,200 people in 14 countries.

Feb. 25, 1998: ABB launches world’s first high-voltage generator
ABB launches the world’s first high-voltage generator, called the Powerformer. It is the first generator to supply electricity directly to the high-voltage network without the need for transformers. The Powerformer represents the first breakthrough innovation in generator technology in over a century. It can reduce overall power plant life cycle costs by up to 30 percent.

1997
ABB announced an initiative to accelerate ABB’s local expansion in Asia and improve the productivity of its Western operations. ABB said it would reduce some 10,000 jobs in Western Europe and the US and take a restructuring charge of US$ 850 million in the fourth quarter of 1997. ABB signs an agreement with Industri Kapital to sell ABB’s wire rod and winding wire businesses in Sweden and Germany.

1996
Demand in emerging markets continues to drive growth. Employment in these countries rises by 10,000, while selective downsizing continues in Western Europe and North America. ABB completes the merger at the Board level by integrating its parent companies' Boards into the ABB Group Board. Göran Lindahl is named ABB President and CEO, effective January 1, 1997, succeeding Percy Barnevik, who becomes non-Executive Chairman of the ABB Board of Directors.

1995
ABB continues to expand its local presence in Asia and Central and Eastern Europe through internal growth, acquisitions and majority joint ventures. ABB announces the merger of its Transportation segment into a 50-50 joint venture with Daimler-Benz AG of Germany, effective January 1, 1996. ABB selected as Europe's best company in technology and innovation management.

1994
ABB emerges from a two-year consolidation phase to begin new volume and profit growth. In Western Europe and North America, the focus is on the fast-growing service and retrofit markets, while demand for new infrastructure drives demand growth in emerging markets. In Asia, ABB has 30,000 employees and 100 plants, engineering, service and marketing centers.

1993
The Group continues its strategy of targeted expansion in Europe (including the former Soviet Union), the Americas, and Asia Pacific. ABB introduces the GT24/GT26 gas turbine technology opening new opportunities on the global market for high-efficiency, low-emission turbines.

1992
Recession management is accelerated and total employment reduced by 14,000. Employment in Central and Eastern Europe rises to 20,000 people in 30 companies. In Asia, more than 20 new manufacturing and service units are created through joint ventures, acquisitions, and greenfield investments.

1991
Investments continue in Central and Eastern Europe, where ABB employs about 10,000 people by year end. Extensive restructuring positions the company to meet the demands of recession economies in North America and parts of Europe. Research & Development spending increases by 20 percent

1990
ABB begins an aggressive program of expansion in Central and Eastern Europe and prepares for expansion into Asia. The rate of acquisition slows in the U.S. and Western Europe, where a period of consolidation and restructuring begins.

1989
In December, ABB finalizes the purchase of the worldwide power transmission and distribution operations of Westinghouse Electric Corp. of the U.S. Also in December, ABB announces the agreement to buy Stamford, Ct.-based Combustion Engineering Group. In total, ABB purchases about 40 companies in 1989.

1988
Operations begin January 5, 1988. In the first year, some 15 acquisitions are made, among them the environmental control group Fläkt AB of Sweden, the contracting group Sadelmi/Cogepi, Italy, and railway manufacturer Scandia-Randers A/S of Denmark.

1987
ASEA AB of Västerås, Sweden and BBC Brown Boveri Ltd of Baden, Switzerland, announce plans in August to merge their operations to form ABB Asea Brown Boveri Ltd, headquartered in Zurich, Switzerland. Each parent company is to hold 50 percent of the new company.

想是想,没有时间啊,讲这些故事是想让我们工控行业也涌现ABB、西门子这样的企业。期待啊。。。。