ABB obtains 99.1% of Entrelec’s shares

€310-million deal to proceed after successful tender offer

Zurich, Switzerland, June 15, 2001 – ABB says today that its tender offer for the French company Entrelec, a Lyon-based supplier of industrial automation and control products was very successful. The tender expired June 1, 2001 and the final results of the offer were published today by the French “Conseil des Marchés Financiers”.

After paying for the tendered shares, ABB will obtain 4,789,183 shares, representing 99.1 percent of the outstanding share capital of Entrelec Group on a fully diluted basis, and 99.1 percent of the voting rights. The regulatory authorities have been notified of the transaction and approval is expected in due course.

ABB made a friendly bid to acquire Entrelec in early April of this year. At that time, the company said the acquisition is aimed at expanding ABB’s product range and reinforcing its position in key European and American markets.

Of the acquisition, ABB president and CEO Jörgen Centerman says, “This is a strategic move to bolster our capabilities in key, high-growth areas of technology and geography.”

Jouko Karvinen, executive vice president and head of ABB’s Automation Technology Products division, says, “This deal brings together two very strong product lines and two global customer networks. Now come the interesting tasks – generating growth across those customer networks and exploiting economies of scale.”

Entrelec supplies industrial automation and control products, including electrical connecting devices, time relays, signaling and safety devices, as well as wiring accessories for the housing market. Entrelec operates in 17 countries and employs about 2,000 people, with a strong presence in France, the U.S. and Germany.

The company has production sites in France, Germany, Czech Republic, Poland, the United States and Mexico.

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. Shares are traded on the New York, London, Zurich, Stockholm and Frankfurt stock exchanges.
-End-

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

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

    Contact us

    Page information:
    seitp222 c1256c290031524bc1256a6c0048f985