ECF-086348 ABB

ECF-086348 ABB

August 1987, Sweden V ä; Ster Å; ASEA AB of S and BBC Brown Boveri of Baden, Switzerland have announced that they will collaborate to establish ABB Asea Brown Boveri Limited. The company’s headquarters will be located in Zurich, Switzerland, with the original two companies each holding 50% of the shares.

On January 5, 1988, the new company merged and began operations. In its first year of operation, the company acquired a total of 15 companies, including Swedish environmental monitoring company Fl ä kt AB, Italian partner company Sadelmi/Logepi, and Danish railway product manufacturing company Scandia Randers A/S.

In December 1989, ABB ultimately acquired Westinghouse Power Company, which is responsible for global energy transmission. Also in December, ABB announced that it had reached an agreement to purchase Stamford Group, which is responsible for the thermal industry business in Connecticut. In 1989, ABB acquired approximately 40 other companies.

In 1990, ABB began to ambitiously expand its business scope to the Central and Eastern European regions, and was preparing to expand its business scope to the Asian region. However, its acquisition activities in the United States and Western Europe gradually slowed down and turned to mergers and restructuring activities.

In 1991, investment continued in the Central and Eastern European regions, and by the end of that year, ABB had approximately 10000 employees in those regions. The increasingly widespread restructuring activities are aimed at meeting the needs of economic recession in parts of North America and Europe. This year, ABB’s investment in research and development increased by 20%.

In 1992, the pace of company layoffs continued to accelerate, with a decrease of 14000 employees and an increase in the number of employees in Central and Eastern Europe to 20000, distributed in more than 30 subsidiaries. In Asia, more than 20 branches and service departments have been established through joint venture capital, acquisitions, and Greenfield investments.

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ABB continued its strategy of expanding its business in Europe (including the former Soviet Union), the Americas, and the Asia Pacific region. The GT24/GT26 gas turbine technology developed by ABB has opened up the global market for new high-energy and low consumption turbine technologies.

In 1994, ABB began a two-year consolidation phase in order to increase production and profits. In Western Europe and North America, the need to develop a broader body has prompted the company to continuously establish subordinate departments, with the main focus on rapidly developing service content and developing new products. In Asia, ABB has 30000 employees and over 100 production, engineering, service, and production development centers.

In 1995, ABB continued to expand its business activities in Asia, Central and Eastern Europe through domestic expansion, acquisition of other companies, and venture capital. ABB also announced a joint venture capital with Daimler Benz AG in Germany, with each party accounting for 50%. On January 1, 1996, ABB was elected as the most advanced technology and management company in Europe.

In 1997, ABB announced the acceleration of its business development in the Asian region to enhance its business activities in Western Europe. ABB reduced 10000 job opportunities in Western Europe and the Americas and spent $85 million in the final quarter to restructure. ABB has signed an agreement with Industri Kapital to conduct business activities on poles and wires in Sweden and Germany.