 
ABB acquires majority interest in Polish power grid construction company
Zurich, Switzerland, January 27, 1997 - ABB, the
international electrical engineering company, has
signed an agreement to purchase a controlling interest
in PBE ELBUD Krakow (Energy Construction Enterprise
ELBUD Krakow), a company active in the construction
and repair of power lines and substations for the
Polish national power grid. ABB is to purchase 60
percent of the company from various Polish National
Investment Funds. The company is based in Krakow and
employs 500 people. The purchase agreement is subject
to regulatory approval.
PBE ELBUD was established 50 years ago and has played an important
role in the development of Poland's energy sector
and the maintenance of the national power grid. The
company specializes in the construction, upgrading
and repair of medium- and high-voltage substations
and high-voltage power lines.
The company, to be called ABB ELBUD Ltd, will gain
by sharing in ABB's latest technology in this field,
supported by extensive know-how training and the establishment
of a specialized substation engineering center. It
will significantly complement the activities of the
Group's other companies in Poland, enabling ABB to
deliver advanced products and total system solutions
to its local customers.
ABB ELBUD Ltd will be part of ABB's global Power
Transmission and Distribution segment, which employs
nearly 47,000 people worldwide with orders in 1995
of nearly US$ 9 billion.
In Poland,
ABB employs over 6,000 people in 12 companies with
orders in 1995 of approximately US$ 450 million. The
ABB Group employs approximately 217,000 people with
orders in 1995 of over US$ 36 billion. (End)
For
more information contact Mr.
John Fox
ABB Corporate Communications, Zurich Tel. +41 1 317
7371 Fax. +41 1 317 7958
Ms. Beata
Kopczynska
Country Communications Manager, Poland Tel: + 48 22
60 80 724 Fax: + 48 22 822 7346
Original
Press Release at ABB.com
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