- ABB Asea Brown Boveri
company_name = ABB
company_type = Public
slogan = "Power and productivity for a better world."
foundation = 1988 through merger of
ASEAof Sweden and Brown, Boveri & Cieof Switzerland
location = flagicon|Switzerland
Joseph M. Hogan
Chairman} & (CEO)
num_employees = 112,000 ("2008")
industry = Power technology,
US$ 36 Billion ("2008")cite web |url=http://zenobank.com/index.php?symbol=ABB&page=quotesearch|title=Company Profile for ABB Ltd (ABB) |accessdate=2008-10-06]
revenue = profit US$ 29.183 Billion ("2007")
operating_income = profit US$ 4.023 Billion ("2007")
net_income = profit US$ 3.757 Billion ("2007")
assets = increase US$ 31.001 Billion ("2007")
equity = profit US$ 10.957 Billion ("2007")
homepage = [http://www.abb.com/ ABB.com]
ABB, formerly Asea Brown Boveri, is a
multinational corporationheadquartered in Zürich, Switzerland, operating mainly in the power and automationtechnology 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 SWX Swiss Exchange under the
Virt-xfinancial system based in Zurich, the Stockholm Stock Exchangein Sweden, and the New York Stock Exchange in the United States
ABB is active in many sectors with its core businesses in power and automation technology.
The division incorporates ABB's manufacturing network for
transformers, switchgear, circuit breakers, cables, and associated high voltageand 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 offers
turnkeysystems and services for power transmissionand 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.
It provides products to improve customers' productivity, including drives,
electric motorsand generators, low voltage products, instrumentationand analytical, and power electronics. The customer profile of this division includes a wide range of industry and utility operations, plus commercial and residential buildings.
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
oiland gas, power, chemicals and pharmaceuticals, pulp and paper, metalsand minerals, marine and turbocharging.
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[cite news |url=http://www.abb.com/cawp/seitp202/74f2e66f09cb5be7c12572090044759f.aspx |title=ABB Robotics helps to improve productivity for Chinese auto customer |author=Isabelle Liu, ABB |date=2006-09-29 |publisher=ABB] and in 2007 ABB added a manufacturing unit for industrial robots in China serving the local market [cite news |url=http://english.people.com.cn/200704/18/eng20070418_367517.html |title=ABB starts robot production |author= |date=2006-09-29 |publisher=China Daily] .
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 automationas 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).
ABB resulted from the 1988
mergerof Swedish and Swiss corporations ASEAand BBC Brown Boveri ( Brown, Boveri & Cie), the latter had absorbed the Maschinenfabrik Oerlikon in 1967. CEOat the time of the merger was the former CEOof ASEA, Percy Barnevik, who ran the company until 1996.
ABB's history goes back to the late nineteenth century.
ASEAwas incorporated in 1883 and Brown, Boveri & Cie(BBC) was formed in 1891.
In the early 1990s, ABB purchased
Combustion Engineering(C-E) headquartered in Stamfordand Norwalk, Connecticut, a leading U.S.firm in the development of conventional fossil fuelpower and nuclear powersupply 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. [cite news |url=http://www.guardian.co.uk/korea/article/0,2763,952289,00.html |title=The two faces of Rumsfeld |author=Randeep Ramesh |date=2003-05-09 |publisher= The Guardian] Also in 2000, ABB formerly 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 [ [http://www.abb.com/cawp/seitp202/c1256c290031524b41256856003dc16c.aspx Press release: ABB to sell nuclear business to BNFL] ] to BNFLand 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. [http://www.corpwatch.org/article.php?id=1928 CorpWatch: UN: Swedish Businessman Loses Job]
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 Jonescorporate sustainability index [cite news |url=http://www.sustainability-index.com/default.html|title=Dow Jones Sustainability Indexes] 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
asbestosliability regarding claims that were filed against ABB's U.S. subsidiaries, Combustion Engineeringand Lummus Global. [cite news |url=http://www.boston.com/business/articles/2006/09/01/abb_says_lummus_asbestos_claims_resolved|title=ABB asbestos claims resolved |author=Uncredited |date=September, 1 2006 |publisher= Reuters] In August 2007, Lummus Global was sold to CB&I. [ [http://www.reuters.com/article/mergersNews/idUSWEN068720070827 CB&I to buy Lummus Global from ABB] ]
History of leadership
On July 17, 2008, the Board of Directors of ABB Ltd. announced that
Joseph Hoganhas been appointed Chief Executive Officerof the ABB Group as of September first. Mr. Hogan is the former head of GE Healthcare. [ [http://www.abb.com/cawp/seitp202/f4edfe62fcea4c2bc12574890016f0e7.aspx?leftdb=abbzh250&v=553E&e=us ABB: ABB appoints Joseph Hogan as new CEO] ] Mr. Hogan holds a Bachelor of Science degree in Business Administration from Geneva Collegeand an MBAfrom Robert Morris University, both located in Pennsylvania.
* September 2008 onwards:
* February 2008 - September 2008:
Michel Demaré- ad interim
* January 2005 - February 2008:
* September 2002 - December 2004:
* January 2001 - September 2002:
* January 1997 - December 2000:
The Board of Directors [ [http://www.abb.com/cawp/abbzh252/68c4c47db19a56c3c1256b800047fe78.aspx ABB Board of Directors] ] 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:
* [http://www.abb.com/ Official website]
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