ABB divests electronic production unit

Finnish Elcoteq acquires 300 employees and products for core business areas

Zurich, Switzerland, February 05. 2001 - ABB says today that it is outsourcing its electronic production unit , located in Turgi, Switzerland, to Elcoteq of Finland as part of its efforts to focus on core business activities. The terms of the deal were not disclosed.

The Swiss production unit employs 300 persons and recorded for the year 2000 a turnover of more than US$ 60 million.

Elcoteq has agreed to continue producing at the same location and retain all of the former ABB employees. ABB says that Elcoteq will become a preferred supplier. The transaction takes effect retroactive of January 1, 2001.

ABB (www.abb.com) serves manufacturing, process and consumer industries, utilities, the oil and gas sector and infrastructure markets, with 160,000 employees in more than 100 countries. (End)

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