ABB to divest Nordic electrical wholesale business

Zurich, Switzerland, August 27, 1997 - ABB, the international electrical engineering company, has signed an agreement with Hagemeyer, of the Netherlands, who is to acquire Asea Skandia, ABB’s electrical wholesale business with activities primarily in Sweden, Finland and Norway. ABB employs around 1,400 people in its Nordic electrical wholesale business with revenues of approximately US$ 650 million. Hagemeyer employs some 22,000 people with sales of approximately US$ 5 billion. As part of the Hagemeyer group the business will continue to trade under the name of Asea Skandia.

“This divestiture is in line with our strategy to focus on our core business and follows recent divestitures of other similar activities”, said Göran Lindahl, President and Chief Executive Officer of the ABB Group. “By becoming part of a strong pan-European group of electrical wholesalers Asea Skandia will benefit from greater economies of scale, and ABB will remain an important supplier and customer to Asea Skandia.”

Asea Skandia is part of ABB’s business sector ‘Various Activities’. The ABB Group employs 216,000 people worldwide with orders in 1996 of US$ 36 billion.

The sale is subject to approval by the regulatory authorities concerned.(End)

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    • Mr. John Fox
      ABB Corporate Communications, Zürich
      Tel. +41 1 317 7371
      Fax. +41 1 317 7958
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