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.
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