Mannheim/Dortmund, November 2, 2005 - ABB, the world's leading power and automation technology group, said today it has completed the sale of its foundry division to ABP Induction, LLC (USA), a company controlled by CM Acquisitions. The Chicago IL based private equity firm has a long-term, strategic interest in the induction-melting and heating industry through its controlling stake in Pillar Induction. Pillar, based in Brookfield WI, has served the induction melting industry globally for over forty years.
“Closing this sale is another step in our efforts to focus on our core business activities and finalize our divestment program. While the foundry business has had a long successful history within ABB and its predecessors, it no longer fits with our strategic objectives,” stated Wolfram Eberhardt, Head of Media Relations of ABB Ltd in Zurich, Switzerland.
The foundry business, established by Asea in Sweden and the Brown Boveri Company in Germany over 100 years ago, is headquartered in Dortmund Germany and has sales and service operations in the United States, Sweden, Brazil and Thailand.
“We are excited about this opportunity for a number of reasons, not the least of which is the chance to partner with Wolfgang Andree and his experienced management team and to obtain such world class technology,” said Mike Felvey, Principal of CM Acquisitions.
“Together with Pillar Induction, we can expand our global service and product offering in one step, not to mention the competitive benefit of being able to manufacture in Europe, China and the United States,” said Wolfgang Andree, the former head of ABB’s foundry division and President of ABP Induction, LLC. The price and terms of transaction were not disclosed.
ABP Induction provides induction furnaces and heating systems and service to global manufacturers in the casting and forging industries. More information on ABP Induction can be found at www.abpinduction.com.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 103,000 people.