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FURTHER PROGRESS TO REDUCE DEBT AND FINANCING COSTS
05 October 2005 - ABB (Power Technologies)
| ABB, the leading power and automation technology group, said today it has repurchased a total of CHF 392 million of its CHF 500 million, 3.75 percent bonds due in 2009. |
ABB, the leading power and automation technology group, said today it has repurchased a total of CHF 392 million of its CHF 500 million, 3.75 percent bonds due in 2009. 'These transactions are in line with our financial strategy to reduce on- and off-balance sheet obligations and lower financing costs, so long as such measures make economic sense for ABB,' said Michel Demaré, ABB's chief financial officer. The repurchased bonds were cancelled on October 4, 2005 leaving a remaining nominal amount outstanding of CHF 108 million.
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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