ABB sells metering business for US$ 244 million

Sale is part of strategy to focus on power and automation technologies

Zurich, Switzerland, September 18, 2002 - ABB, the global power and automation technology group, said today it has sold its metering business to Ruhrgas Industries GmbH of Essen, Germany, for US$ 244 million on a cash and debt free basis.

"Water and electricity metering is no longer a core business for ABB, and its divestment is part of our strategy to focus on power and automation technology products for our utilities and industry customers," said Jürgen Dormann, ABB’s chairman and CEO.

ABB said the proceeds from the sale would be used to further reduce its net debt.

ABB’s global water and electricity meter business is headquartered in Luton, U.K., and employs about 3,800 people in more than 30 countries. The business, part of the Automation Technology Products division, reported revenues of about US$ 450 million in 2001.

The divestment is subject to customary regulatory approvals.

ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impacts. The ABB Group of companies has about 150,000 employees in more than 100 countries.

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