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ABB Group [6] is a Swedish-Swiss [7] [8] [9] multinational electrical engineering corporation. Incorporated in Switzerland as ABB Ltd, and headquartered in Zurich, [1] it is dual-listed on the SIX Swiss Exchange in Zurich and the Nasdaq Nordic exchange in Stockholm, Sweden, in addition to OTC Markets Group's pink sheets in the United States. [10]
The company sells Baldor-Reliance and ABB branded industrial electric motors. Products are available in both IEC and NEMA configurations and range from fractional to 100,000 horsepower. The company also sells the Dodge brand of mechanical power transmission products, including mounted bearings, enclosed gearing, couplings, sheaves, and bushings.
In July 2020, ABB divested its power grid business and sold 80.1% of that to Hitachi Ltd., leading to the formation of Hitachi ABB Power Grids. [1] In October 2021, Hitachi ABB Power Grids changed its company name to Hitachi Energy. In December 2022, it was confirmed that Hitachi acquired the remaining 19.9 percent shares from ABB Ltd. [2]
Vetco was a British oilfield service company that was established in July 2004 and operated through its subsidiaries Vetco Gray and Vetco Aibel AS. Vetco was the result of a consortium consisting of the private equity firms Candover, 3i and JP Morgan Partners, which took over ABB's oil and gas division, ABB Offshore Systems.
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Rosengren was the business area manager for Atlas Copco's construction and mining equipment division and Senior Executive Vice President for nine years from 2003 to 2011 before he left the company 2011 to serve as CEO for Wärtsilä. [6] He had been mentioned as a strong candidate for the CEO position at Atlas Copco in 2009. [6]
In 1987, it announced a merger with the Swiss company Brown, Boveri & Cie (BBC) to form ABB. [1] [3] The merge took effect on 1 January 1988. [4] After this merger, ABB acquired several companies, including the power transmission and distribution operations of the Westinghouse Electric Corporation and the Combustion Engineering Group. [1]