Extract
ABB Reports Higher Q1 Revenues, Earnings.
Business Editors
ZURICH, Switzerland--(BUSINESS WIRE)--April 24, 2001 - ABB launched a bid to acquire Entrelec of France, a leading supplier of industrial automation and control equipment, and bought Eutech Engineering Solutions Ltd., a British consulting group specializing in the chemicals, petrochemicals and pharmaceutical industries. - ABB won orders with a total value well above US$ 400 million for subsea oil production systems, and orders worth almost US$ 100 million to improve the power network in London, England. - A new generator, Powerformer Light, was launched for use in gas and steam turbine power plants. It can be connected directly to the high-voltage grid, thus eliminating the need for any step-up transformer. The product was developed in parallel with the world's first ultra-high-voltage motor, Motorformer(TM), also connectable directly to the grid. - ABB's Industrial IT solutions portfolio recently received the Editor's Choice Award from Control Engineering magazine, identifying it as one of the most innovative products of 2000. Industrial IT-enabled products aim to significantly boost customer productivity by integrating information from all of a company's processes into a single real-time information management system. - On April 6, ABB listed American Depositary Shares on the New York Stock Exchange. The move aims to broaden the company's shareholder base in the United States. - In late March, ABB launched a program to buy back six million shares for cancellation, corresponding to about two percent of the company's to...See the full content of this document
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