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 Gebäudetechnik 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 Demaré, 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.