ABB’s sale of nuclear business to BNFL closed

Companies finalize deal effective immediately

    Zurich, Switzerland, May 2, 2000 – ABB, the global technology group, and BNFL said today they have finalized the sale of ABB’s nuclear activities to the U.K.-based nuclear technology company following regulatory approval in Europe and the United States. The US$ 485 million transaction, first announced last December, is effective immediately.

    Under the terms of the agreement, BNFL is purchasing ABB’s worldwide nuclear businesses, headquartered in the United States and with operations in Sweden, France, Germany and Korea. The divested businesses also include nuclear automation. In total, the divested businesses employ about 3,000 people and reported revenues in 1999 of about US$ 600 million.

    ABB announced at the end of March this year plans to divest its 50-percent share of the ABB ALSTOM POWER joint venture. The transaction is expected to be finalized shortly.

    After these divestments, ABB’s power generation business focuses on alternative energy solutions, such as renewable energy and small-scale distributed power plants.

    The ABB Group serves customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services. With novel IT applications, tailored software solutions, growing eBusiness and a fast expanding knowledge and service base, ABB is building links to the new economy. The ABB Group employs about 165,000 people in more than 100 countries.

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    Contact us

    • John Fox
      ABB Corporate Communications, Zurich
      Tel: +41 1 317 7371
      Fax: +41 1 317 7958
    • Manfred Ebling
      ABB Investor Relations, Zurich
      Tel: +41 1 306 8620
      Fax: +41 1 306 8606
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