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ABB SELLS FINNISH LEASING PORTFOLIO
03 November 2005 - ABB (Power Technologies)
| ABB, the leading power and automation technology group, announced today it has agreed to sell its wholly owned subsidiary ABB Credit Oy in Finland to SEB Finans AB, a wholly owned subsidiary of the Swedish-based SEB Group |
ABB, the leading power and automation technology group, announced today it has agreed to sell its wholly owned subsidiary ABB Credit Oy in Finland to SEB Finans AB, a wholly owned subsidiary of the Swedish-based SEB Group. 'This divestment is in line with the strategy we've had in place since late 2002 to sell our non-core activities and focus instead on getting more value from our power and automation businesses,' said Michel Demaré, ABB's CFO. The transaction is due to be completed before the end of 2005. The Finnish leasing portfolio was formerly part of ABB's Structured Finance business, most of which the company sold in 2002. As announced in the third-quarter 2005 results on October 28, the Finnish leasing portfolio had total debt of approximately $170 million, which was reclassified in ABB's balance sheet from Borrowings to Liabilities held for sale and in discontinued operations.
http://abb.com/uk
About: ABB (Power Technologies)
ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impacts. ABB in the UK operates from more than 20 locations nationally and employs around 2,500 people. The ABB Group of companies operates in around 100 countries and employs about 105,000 people.Power Technologies
The Power Technologies division serves industrial and commercial customers, as well as electric, gas and water utilities, with a broad range of products, services and solutions for power transmission and distribution. The portfolio includes transformers, switchgear, breakers, capacitors and cables, as well as high- and medium-voltage applications, many of which are also sold through external channel partners like distributors, system integrators, contractors and original equipment manufacturers. Automation Technologies
The Automation Technologies division serves the automotive, building, chemicals, consumer, electronics, life sciences, manufacturing, marine, metals, minerals, paper, petroleum, transportation, turbocharging and utility industries. Key technologies include control, drives, enterprise software, instrumentation, low-voltage products, motors, robots and turbochargers. These offerings are supported by field maintenance and asset management services, and are sold both directly and through channel partners.
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