ABB lists shares on the New York Stock Exchange

Company says strong U.S. market position key for global players

Zurich, Switzerland, April 6, 2001 – ABB, the global technology company, today listed its shares on the New York Stock Exchange, saying the move was aimed at supporting the company’s growth strategy.

      “We are moving to broaden our shareholder base in the United States,” said president and CEO Jörgen Centerman, in reference to the company’s morning listing of American Depositary Shares (ADS) under the symbol `ABB´. “The listing supports our growth ambitions and allows us to better benchmark ourselves against competitors.”

      “If you want to be considered a truly global player, you’ve got to have a strong position in the United States,” Centerman said. ABB's U.S. operations already employ more than 16,000 people in 40 states. More than 1,000 scientists and software engineers at 12 centers in the United States conduct research and development activities on behalf of ABB's U.S. and worldwide businesses.

      In late March, ABB launched a program to buy back six million shares for cancellation. Shareholders endorsed the buy-back of two percent of ABB’s total share capital at the annual general meeting of ABB Ltd in Zurich, Switzerland. At the same time, the shareholders approved a 4-for-1 share split. The share split is subject to a change in the Swiss law, which is expected to become effective on May 1, 2001.

      In connection with the listing on NYSE, ABB will establish a procedure in which holders of its restricted American Depository Receipts (ADRs) may exchange them for new unrestricted ADSs. Four new ADSs will represent one registered share. Once the share split becomes effective, each new ADS will represent one ABB share.

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

      This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

      (End)


    •   Cancel
      • Twitter
      • Facebook
      • LinkedIn
      • Weibo
      • Print
      • Email
    •   Cancel

    Contact us

    • Thomas Schmidt
      ABB Corporate Communications, Zurich
      Tel. +41 1 317 7354
      Fax. +41 1 317 7958
    • ABB Investor Relations
      Switzerland: Tel. +41 1 317 7266
      Sweden: Tel. +46 21 32 5928
      USA: Tel. +1 203 750 7743
    seitp222 c1256c290031524bc1256a26003a8b9c