ABB sells drying business

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

Zurich, Switzerland October 29, 2002 - ABB, the leading power and automation technology group, said today it has sold its pulp and paper drying business to Andritz AG in Graz, Austria. The sale includes pulp dryers and drying lines for wood pulp, and drying hoods for papermaking.

"Pulp and paper is one of our most important industries, and we are the leading supplier of power and automation to this industry," said Dinesh Paliwal, ABB executive vice president and head of Automation Technologies division. "Delivering pulp and paper drying systems is core for process line suppliers such as Andritz, but no longer core for ABB. This divestment helps us focus on our core power and automation business."

"Andritz is a leading supplier of equipment and services for pulp production, stock preparation and tissue making," said Dr. Wolfgang Leitner, Chairman and CEO of Andritz. "This acquisition further develops the integrated scope our customers expect from us."

ABB’s drying business has supplied thousands of drying systems globally for more than 80 years, including systems for drying pulp, paper, tissue and non-wovens.

"Andritz and ABB have cooperated in supplying the pulp and paper industry for decades," said Dr. Bernhard Rebernik, Senior Vice President and Head of Andritz Paper Mill Technologies. "This acquisition provides the opportunity for even tighter collaboration between Andritz and ABB."

The divestment is subject to customary regulatory approvals.

The Andritz Group, listed on the Vienna Stock Exchange, is a global leader for high-tech production systems and services for the pulp and paper, steel and other specialized industries. Andritz has annual sales of about Euro 1.3 billion and employs about 4,500 people worldwide. The Group develops and manufactures its products in Austria, Germany, Finland, Denmark, France, the Netherlands, the USA and China.

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

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