EMGS - Settlement of the Convertible Bond Loan to North Energy

By Joseph R. Fonseca
Thursday, August 21, 2014
ABB CEO, Ulrich Spiesshofer

 

Divestment fully in line with ABB’s commitment to continuous portfolio optimization. ABB has divested five businesses with limited synergies in the past 11 months raising about $1 billion.

Zurich, Switzerland, August 20, 2014– ABB, the leading power and automation technology group, announced it has signed an agreement to divest the ABB Full Service business for an undisclosed amount. The sale is expected to close in the fourth quarter of 2014, subject to regulatory approval.

The ABB Full Service business provides fully outsourced industrial maintenance services. ABB Full Service was developed as an adjacent business to ABB’s life-cycle service business and has become a successful stand-alone business unit. ABB is divesting this business because of limited synergies with ABB’s core portfolio. ABB will continue to supply its standard life-cycle services for the company’s installed base.

“The divestment is fully in line with our strategy to continuously optimize our portfolio. With the agreed sale of our Full Service activities we now have found a new home for five businesses in eleven months that have no substantial synergies with the rest of our portfolio, raising about $ 1 billion,” said ABB CEO, Ulrich Spiesshofer. “The Full Service business will be able to develop further under the ownership of Nordic Capital to the benefit of its customers and employees.”

“We are very excited to work together with the Full Service management team to invest in further accelerated growth and development of the Full Service business. There is a clear value in establishing an independent business, fully focused on developing its customer offering and thereby solidifying its position as a global leader in the growing market for industrialized maintenance. We are very impressed by the Full Service business and the competence and commitment of the employees,” said John Hedberg, Principal, NC Advisory AB, advisor to the Nordic Capital Funds.

ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 145,000 people.
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

Energy

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

News

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

LR First to Certify Small Caribbean Ships

LR is the first class society to certify small commercial ships operating in the Caribbean After becoming the first classification society to issue Cargo

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1829 sec (5 req/sec)