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ABB

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For other uses, seeABB (disambiguation).

ABB Ltd.
Company typePublic
ISINCH0012221716Edit this on Wikidata
IndustryElectrical equipment
Predecessors
Founded1988;36 years ago(1988)
Headquarters
Area served
Worldwide
Key people
RevenueIncreaseUS$32.2billion (2023)
IncreaseUS$4.87billion (2023)
IncreaseUS$3.82billion (2023)
Total assetsIncreaseUS$40.9billion (2023)
Total equityIncreaseUS$14.1billion (2023)
Owners
Number of employees
c. 105,000(2023)
Websiteglobal.abb
Footnotes / references
[1][2][3][4]
Countries where ABB is present, 2022.

ABB Ltd.is aSwedish–Swissmultinational corporationheadquartered inVästerås, Sweden,andZürich, Switzerland.[5]It is traded on theSIX Swiss ExchangeinZürich,theNasdaq Nordicexchange in Sweden and theOTC Markets Group'spink sheetsin the United States.[6]It was ranked 340th in theFortune Global 500list of 2020 and has been a globalFortune 500company for 24 years.[7]

ABB was formed in 1988 whenSweden'sAllmänna Svenska Elektriska Aktiebolaget(ASEA) andSwitzerland'sBrown, Boveri & Ciemerged to createAsea Brown Boveri,later simplified to the initials ABB. Both companies were established in the late 1800s and grew into majorelectrical equipmentmanufacturers, a business in which ABB remains active. Its traditional core activities include power generation, transmission and distribution;industrial automation,androbotics.Between 1989 and 1999, the company was also active in therolling stockmanufacturing sector. Throughout the 1990s and 2000s, ABB acquired hundreds of other companies, often in central and eastern Europe, as well as in Asia and North America.

On occasion, the company's operations have encountered controversy. During 2001, an ABB entity pled guilty forbid rigging;the firm has also had three USForeign Corrupt Practices Actbribing resolutions against it; in 2004, 2010, and 2022.[8]In early 2002, ABB announced its first-ever annual loss, which was attributed toasbestos-related litigation. Within three years, the company had successfully restructured its operations. During the 2010s, ABB has largely focused its growth strategy on the robotics and industrial automation sectors. Prior to the sale of its Power Grids division toHitachiin 2020, ABB was Switzerland's largest industrial employer.[9]

History

[edit]

Predecessor companies and formation

[edit]
See also:ASEAandBrown, Boveri & Cie
Interior of the assembly hall at ASEA in Västerås, Sweden, 1947.

Allmänna Svenska Elektriska Aktiebolaget(ASEA, English translation: General Swedish Electrical Limited Company) was founded in 1883 inVästerås, Swedenby Ludvig Fredholm[10]as manufacturer of electrical light and generators.[11]

Brown, Boveri & Cie(BBC) was formed in 1891 inZurich, SwitzerlandbyCharles Eugene Lancelot BrownandWalter Boveri[12]as a Swiss group of electrical engineering companies producingACandDC motors,generators, steam turbines and transformers.

On 10 August 1987, ASEA and BBC announced they would merge to form ASEA Brown Boveri (ABB).[13]The new corporation would remain headquartered in both Zurich, Switzerland and Västerås, Sweden, with each parent company holding 50 percent. The merger created a global industrial group with revenue of approximately $15 billion and 160,000 employees.[13]

When ABB began operations on 5 January 1988, its core operations included power generation, transmission and distribution; electric transportation; and industrial automation and robotics.

In its first year, ABB undertook some 15 acquisitions, including the environmental control group Fläkt AB of Sweden, the contracting group Sadelmi/Cogepi of Italy, and the railway manufacturer Scandia-Randers A/S of Denmark.[14]During 1989, ABB purchased an additional 40 companies, including Westinghouse Electric's transmission and distribution assets, and announced an agreement to purchase the Stamford, Connecticut-basedCombustion Engineering(C-E).[15]

1990s

[edit]

During 1990, ABB bought the robotics business of Cincinnati Milacron in the US. The acquisition expanded ABB's presence in automated spot-welding and positioned the company to better serve the American automotive industry. ABB's 1991 introduction of the IRB 6000 robot, demonstrated its increased capacity in this field. The first modular robot, the IRB 6000, can be reconfigured to perform a variety of specific tasks. At the time of its launch, the IRB 6000 was the fastest and most accurate spot-welding robot on the market.[citation needed]

In the early 1990s, ABB started expanding inCentralandEastern Europe.By the end of 1991, the company employed 10,000 people in the region. The following year, that number doubled. A similar pattern played out in Asia, whereeconomic reforms in Chinaand the lifting of someeconomic sanctions,helped open the region to a new wave of outside investment and industrial growth. By 1994, ABB had 30,000 employees and 100 plants, engineering, service and marketing centers across Asia; numbers that would continue to grow. Through the 1990s, ABB continued its strategy of targeted expansion in Eastern Europe, theAsia–Pacificregion and the Americas.[citation needed]

During 1995, ABB agreed to merge its rail engineering unit with that ofDaimler-Benzof Germany; the goal of this arrangement was to create the world's largest maker of locomotives and railway cars. The new company, ABB Daimler-Benz Transportation (Adtranz), had an initial global market share of nearly 12 percent.[16][17]The merge took effect on 1 January 1996.[18]

A few months following the start of the1997 Asian financial crisis,ABB announced plans to accelerate its expansion in Asia as well as to improve the productivity and profitability of its Western operations. The firm took an $850 million restructuring charge and shed 10,000 jobs as the firm shifted more resources towards emerging markets and scaled back some of its facilities in higher-cost countries.[19][20]

In June 1998, ABB announced that it would acquire Sweden-based Alfa Laval's automation unit, which at the time was one of Europe's top suppliers of process control systems and automation equipment.[21]

During 1999, as a final step in the integration of the companies formerly known as ASEA and BBC, the directors unanimously approved a plan to create a unified, single class of shares in the group.[citation needed]

That same year, ABB completed its purchase of Elsag Bailey Process Automation, a Netherlands-based maker of industrial control systems, in exchange for $2.1 billion.[22]The acquisition increased ABB's presence in the high-tech industrial robotics and factory control system sectors, which reducing its reliance on traditional heavy engineering sectors such as power generation and transmission.

In 1999, the company sold its stake in the Adtranz train-building business toDaimlerChrysler.Instead of building complete locomotives, ABB's transportation activities shifted increasingly toward traction motors and electric components.[23]That same year, ABB and France-basedAlstom,announced the merger of their power generation businesses in a 50-50 joint company, ABB Alstom Power. Separately, in December 1999, ABB agreed to sell its nuclear power business toBritish Nuclear Fuelsof the United Kingdom.[24]

2000s

[edit]
ABB robots handlingfloat glasson a production line, 2008.

During 2000, ABB divested its interests in ABB Alstom Power and sold its boiler and fossil-fuel operations (including Gas turbines) to Alstom.[25]Thereafter, ABB's power business was focused on renewable energy and transmission and distribution.

In early 2002, ABB announced its first-ever annual loss, a $691 million net loss for 2001.[26]The loss was caused by ABB's decision to nearly double its provisions for settlement costs inasbestos-related litigation against its American subsidiary Combustion Engineering from $470 million to $940 million; these claims were linked to asbestos products sold by Combustion Engineering prior to its acquisition by ABB.[27][28]At the same time, ABB's board announced it would seek the return of money "paid in excess of obligations to Goran Lindahl and to Percy Barnevik," two former chief executive officers of the group. Barnevik received some $89 million in pension benefits when he left ABB in 2001; Lindahl, who succeeded Barnevik as CEO, had received $50 million in pension benefits.[29][30]

In 2004, ABB sold its upstream oil and gas business, ABB Vetco Gray, to a consortium of private equity investors for an initial sum of $925 million; despite the sale, ABB continued to play an active role in the oil and gas industry via its core automation and power technology businesses.[31][32]

During 2005, ABB delisted its shares from theLondon Stock ExchangeandFrankfurt Stock Exchange.[33][34]During the following year, the company ended its financial uncertainties via the finalization of a $1.43 billion plan to settle asbestos liabilities against its US subsidiaries, Combustion Engineering and ABB Lummus Global, Inc.[35]A three-part capital strengthening plan also aided in ABB's recovery.[36]

In August 2007, ABB Lummus Global, ABB's downstream oil and gas business, was sold to CB&I in exchange for $950 million. The sale led to ABB making an accelerated $204 million payment to the CE Asbestos PI Trust, a trust fund covering the asbestos liabilities of Combustion Engineering.[35][37]

During 2008, ABB agreed to acquire Kuhlman Electric Corporation, a US-based maker of transformers for the industrial and electric utility sectors.[38]In November 2008, ABB acquired Ber-Mac Electrical and Instrumentation to expand its presence in Western Canada's oil and gas industries.[39]

2010s

[edit]
Tour of a ABB transformer station in Germany which gathers energy from offshorewind farms,2013.

In September 2010, the company bought K-TEK, a manufacturer of level measurement instruments, for $50 million; it was incorporated into ABB's Measurement Products business unit within ABB's Process Automation division.[40]

During July 2010, ABB in Cary, North Carolina received a $4.2 million grant from the US federal government to develop energy storing magnets.[41]

On 10 January 2011, ABB invested $10 million in ECOtality, aSan Francisco-based developed of charging stations and power storage technologies, to enter North America'selectric vehiclecharging market.[42]On 1 July of that year, the company announced its acquisition of Epyon B.V. of the Netherlands, an early leader in the European EV-charging infrastructure and maintenance markets.[43]

During early 2011, ABB acquired Baldor Electric in exchange for $4.2 billion in an all-cash transaction; this move aligned with ABB's strategy to increase its market share in the North American industrial motors business.[44]On 30 January 2012, the company announced the acquisition of Thomas & Betts, a North American specialist in low voltage products for industrial, construction and utility applications, in a $3.9 billion cash transaction.[45]On 15 June 2012, ABB completed its acquisition of commercial and industrial wireless technology specialists Tropos.[46]

In July 2013, ABB acquired Power-One in a $1 billion all-cash transaction, to become the leading global manufacturer ofsolar inverters.[47]That same year,Fastnedselected ABB to supply more than 200 Terra fast-charging stations along highways in the Netherlands.[48]

In 2016, ABB was awarded a contract on theTANAPgas pipeline project in Turkey to deliver the telecommunications, security and control infrastructure to contribute to safe, secure, and reliable operation of the pipeline throughout its lifetime.[49]The TANAP pipeline is the largest diameter and with 1,850 km length, the longest pipeline ever built in Turkey, crossing 20 districts and will bring Azerbaijan's natural gas through Georgia, Turkey and Greece into the rest of Europe. The $11 billion TANAP pipeline will interconnect with theSouth Caucasus Pipeline(SCP) at Turkey's border with Georgia and theTrans Adriatic Pipeline(TAP) at its border with Greece.[citation needed]

On 6 July 2017, ABB announced it had completed its acquisition of Bernecker + Rainer Industrie-Elektronik (B&R), the largest independent provider of product and software-based open-architecture for industrial automation.[50]

Since 2018 ABB has been the title sponsor for theFormula Eelectric racing series.

During January 2018, ABB became the title partner of the ABB FIAFormula EChampionship, the world's first fully electric international FIA motorsport series.[51]On 30 June 2018, the company completed its acquisition of GE Industrial Solutions,General Electric's global electrification business.[52]

On 17 December 2018, ABB announced it had agreed to sell 80.1% of its Power Grids business toHitachi;the former Power Grids division thus became a part of the Hitachi Group and was rebranded toHitachi Energy.[53]During December 2022, it was confirmed that Hitachi had acquired the remaining 19.9% of the business.[54]

2020s

[edit]

In March 2020, ABB announced that it had agreed to sell its solar inverter business to Italian solar inverter manufacturer Fimer; the transaction includes all of ABB's manufacturing and R&D sites in Finland, Italy and India, along with 800 employees across 26 countries.[55][56]

During mid-2021, ABB announced its involvement in the construction of the first permanent electric road that powers private vehicles and commercial vehicles such as trucks and buses.[57][58]

During December 2022, ABB opened a new 67,000 square metre robotics factory inShanghaifollowing a $150 million investment.[59][60]

In June 2023, ABB agreed to acquire smart home automation providerEve Systems.[61]

In September 2023, ABB announced it would partner with theWell Done Foundationto monitormethaneandgreenhouse gas emissionsfromorphaned wells in the United States.[62][63]

In January 2024, ABB acquired Real Tech, a prominent Canadian company specializing in innovative optical sensor technology for real-time water monitoring and testing.[64]It also acquired R&D Engineering Firm Meshmind to Expand AI and Software Capabilities[65]

In May 2024, ABB agreed to acquire the wiring accessories business ofSiemensin China. This deal will give access to a distribution network across 230 cities in China.[66]

Products and services

[edit]

Major product launches and innovations

[edit]
First-everAzipodbuilt.

In 1990, ABB launchedAzipod,a family of electric propulsion systems that extends below the hulls of large ships, providing both thrust and steering functions. Developed in cooperation with the Finnish shipbuilder Masa-Yards, Azipod has demonstrated the viability of hybrid-electric power in seagoing vessels, while also increasing maneuverability, fuel efficiency and space efficiency.[67][68]

In 1998, ABB launched the FlexPicker, a robot using a three-armed delta design uniquely suited to the picking and packing industry.[69]

In 2000, ABB brought to market the world's first commercial high-voltage shore-to-ship electric power, at the Swedish port ofGothenburg.Supplying electricity to berthed ships from the shore enables vessels to shut down their engines while in port, significantly reducing noise, vibrations and carbon emissions.[70]

In 2004, ABB launched its Extended Automation System 800xA, an industrial system for the process industries.[71]Today,[when?]the company is the global market leader in distributed control systems.[citation needed]

ABBSAE J3105overhead pantograph chargingSpokane Transit AuthorityCity Linebus.

In May 2013,ABB Sécheron SAjoined with several groups in Geneva TOSA (Trolleybus Optimisation Système Alimentation, or in English, Trolleybus Power System Optimization) in a one-year demonstration of a trolleybus route using a novel charging system. Rather than overhead wires, charging is accomplished by fixed overhead devices located at stops along the route and at the terminus.[72][73][74]Jean-Luc Favre, head of Rail ISI, discussed the promising role of improved electric transport technology in ABB.[75]

In 2014, ABB unveiled YuMi, a collaborative industrial dual-arm assembly robot that permits people and machines to work side by side, unlocking new potential for automation in a range of industries.[76]

In 2018, ABB unveiled the Terra High Power charger for electric vehicles, capable of delivering enough to charge in eight minutes to enable an electric car to travel 200 kilometers.[77]

Electrification

[edit]
ABB rapidcharging station.

ABB's Electrification business area offers products and services from substation to socket. Customers include a wide range of industry and utility operations, plus commercial and residential buildings. The business has strong exposure to a range of rapidly growing segments, including renewables, e-mobility, data centers and smart buildings.[citation needed]

Its offerings includeelectric vehicle chargers,solar inverters,modularsubstations,distribution automation;products to protect people, installations and electronic equipment fromovercurrentssuch asenclosures,cable systemsandlow-voltage circuit breakers;measuring and sensing devices, control products,switchesandwiringaccessories.

The business also offersKNX systemsthat integrate and automate a building's electrical installations,ventilation systems,and security and data communication networks. Electrification incorporates an "Electrification Solutions" unit manufacturing low voltageswitchgearand motor control centers.[citation needed]

The acquisition of GE Industrial Solutions, which was completed in June 2018, further strengthened ABB's #2 global position in electrification.[52]

Motion

[edit]

ABB's Motion business area provides a range of electrical motors, generators, drives and services, as well as integrated digital powertrain solutions. Motion is the #1 player in the market globally.[78]In September 2023, it was announced ABB Motion had acquired a minority stake in theBurlington-headquartered wind turbine analytics software company, WindESCo.[citation needed]

Robotics and discrete automation

[edit]
An ABB industrial robot.

ABB's Robotics & Discrete Automation business area combines machine and factory automation systems, mainly from B&R, which ABB acquired in 2017, with a comprehensive robotics concepts and applications suite. ABB has installed over 300,000 robots globally. The Robotics & Discrete Automation business has been positioned to capture the opportunities associated with the "factory of the future" by providing services for flexible manufacturing and smart machinery.[citation needed]

The business is #2 globally, with a #1 position in robotics in the high-growth Chinese market, where ABB is expanding its innovation and production capacity by investing in a new robotics factory in Shanghai.[78]

Process automation

[edit]

The Process Automation business area provides a range of services for process and hybrid industries, including its industry-specific integrated automation, electrification and digital services, control technologies, software and advanced services, as well as measurement & analytics, marine and turbocharging offerings.[citation needed]

Former divisions

[edit]

Power Grids

[edit]

The Power Grids business area offered components for thetransmissionanddistributionof electricity, and incorporated ABB's manufacturing network fortransformers,switchgear,circuit breakers,and associated high voltage equipment such asdigital protective relays.It also offered maintenance services.[citation needed]

A key part of Power Grids' offering wereturnkeysystems and service for power transmission and distribution grids and forpower plants;this includedelectrical substationsand substation automation systems,flexible AC transmission systems(FACTS),high-voltage direct current (HVDC)systems, and network management systems. The division was subdivided into the four business units High Voltage Products, Transformers, Grid Automation and Grid Integration.[citation needed]

In 2010, ABB's North American headquarters inCary, North Carolina,announced a new partnership with Sensus ofRaleigh, North Carolina,to develop technologies to work together on smart grids.[79]

During 2014, ABB formed a joint venture withHitachito provide HVDC system solutions in Japan.[80]

In December 2018, ABB and Hitachi announced that the latter would take over ABB's entire Power Grids division in exchange for roughly $6.4 billion. Hitachi officially acquired 80.1% of the business in July 2020. Initially known asHitachi ABB Power Grids,the new Hitachi subsidiary was rebranded asHitachi Energyin October 2021.[81]The transaction was one of Hitachi's biggest-ever deals, as it shifted focus to a higher-growth market for electricity networks.[82]Hitachi acquired the remainder of the company from ABB in 2022.

Rolling stock manufacturing

[edit]
Train inSwiss Alpsequipped with ABB technology.

ABB Group entered theheavy railrolling stockmanufacturing market in 1989 through a 40% shareholding in a consortium, headed withTrafalgar Houseand some formerBritish Railemployees, that purchasedBritish Rail Engineering Limited(BREL), the formerly state-owned manufacturing arm ofBritish Rail.BREL was the first division of British Rail to be privatised as part of a phased plan initiated by thethird Thatcher ministry.ABB took over two rolling stock manufacturing facilities from BREL; theDerby Litchurch Lane WorksandYork Carriage Works.[83][84][85]Additionally, ABB took overCrewe Worksin a purely maintenance capacity. During September 1992, ABB Group purchased the stakes of the other members of the consortium to become the sole owner with the business rebranded ABB Transportation.[86][87]

The first trains produced at either facility under ABB ownership were for an order for 22 three-carriageClass 320electric multiple units,built at ABB York forGlasgow's suburban railways in 1990.[88]That same year, ABB York finished an order for five similar four-carClass 322units for the newStansted Expressservice.[89]Between 1990 and 1991, ABB York built 24 two-carClass 456third railtrains forNetwork SouthEastservices out ofLondon Waterloo.A further order for 97 four-carClass 465units was completed at ABB York forNetwork SouthEastservices in and aroundKentbetween 1991 and 1994.[90]Numerousdiesel multiple unitswere also built at ABB York, including 76Class 165suburban units forChiltern Main LineandGreat Western Main Linecommuter services between 1990 and 1992, followed by 21Class 166three-car express units for longer-distance services out ofLondon Paddington.[91]

After initially focusing its resources on rolling stock refurbishment, the first new trains to roll off the production line at ABB Derby were the ten two-carClass 482trains, built for theWaterloo & City linewhile it was still under the control of Network SouthEast (since transferred to theLondon Underground).[92]In 1995, ABB Derby built 16 four-carClass 325electricfreight multiple unitsfor theRoyal Mailto replace their ageing fleet of parcels carriages.[93]During the mid-1990s, in a bid to expand their international portfolio, both the Derby and York plants completed a number ofABB Eurotramlight railvehicles for theStrasbourg tramwayinFrance.[94]Around the same time, in a further diversification, ABB partnered withBrush Tractionto construct the fleet of 46Class 92electric locomotives for hauling freight trains through theChannel Tunnel;ABB were involved in the design and construction of many components including the traction motors, while final assembly took place at Brush Works inLoughborough.[95]

The last trains to roll off the production line at ABB York were an order for 41 four-carriageClass 365electric multiple units forConnex South EasternandWest Anglia Great Northernservices between 1994 and 1995. Following theprivatisation of British Rail,ABB encountered a decline in train orders, largely due to increased competition from competing manufacturers and no longer having a monopoly on rolling stock production in the British market. Thus the business was rationalised; ABB York was closed in 1996 (it would later be reopened as a rail wagon manufacturing centre by theThrall Car Manufacturing Company) and all manufacturing activity was relocated to ABB Derby, the operation of which was transferred to theAdtranzjoint venture between ABB andDaimlerChryslerin 1996.[citation needed]

During 1997, Adtranz unveiled theClass 168train forChiltern Railways.[96]The design of the Class 168 would subsequently be further developed into theTurbostarandElectrostarfamilies of trains, which in turn became the most successful rolling stock design on post-privatisation British railways by number of units sold. During 1999, ABB sold its 50% stake in Adtranz to Daimler for $472 million, thus exiting the rolling stock manufacturing sector.[97]Shortly thereafter, Daimler sold the Adtranz unit toBombardier Transportation.[98][99]

Management

[edit]

During September 2013, Ulrich Spiesshofer was named ABB's CEO, succeeding Joe Hogan.[100]

In August 2019, ABB announced industrial veteranBjörn Rosengrenwould take over as CEO starting March 2020. Rosengren was then serving as CEO of Swedish mining-equipment giantSandvik.In the meantime, ABB ChairmanPeter Voserwas appointed interim CEO on 17 April 2019, succeeding Ulrich Spiesshofer, who stepped down after five-and-a-half years.[101]Voser was elected chairman of the board of directors in April 2015[102]and succeeded Hubertus von Grünberg, who had been chairman since May 2007. Jürgen Dormann was chairman from 2002 to 2007, andPercy Barnevikfrom 1999 to 2002.

Ownership

[edit]

The largest single stake in the firm is held by the SwedishinvestmentcompanyInvestor AB,controlled by theWallenberg family,which holds 12.9%.[4]Activist investorCevianalso holds a large stake in the company.[103]

Controversy and litigation

[edit]

In December 2022, ABB was charged by theU.S. Securities and Exchange Commission(SEC) for violations of theForeign Corrupt Practices Act(FCPA) in a bribery scheme in South Africa. It was ordered to pay a total of $460 million to U.S. authorities to settle criminal and civil charges.[104]ABB paid more than $37 million in bribes to a high-rankingEskomofficial to influence contracts awarded by the state-owned electric utility company for work on theKusile Power Stationproject between 2014 and 2017. The official had influence over the awarding of contracts for power projects in the country. In exchange for the bribes, ABB secured a $160 million contract to provide services related to cabling and installation work at Eskom's Kusile Power Station, one of the largest coal-fired power plants in the world.[104][105]

In a parallel case, theDOJfined ABB $315 million to settle criminal charges. ABB had to pay $75 million in civil penalties to settle the SEC's charges.[104]It was fined 4 million Francs by Swiss authorities.[106]ABB also agreed to repay $104 million to Eskom it was paid in connection with Kusile.[107]

In January 2024, theUnited States House Committee on Homeland Securityand theUnited States House Select Committee on Strategic Competition between the United States and the Chinese Communist Partyannounced an investigation into ABB regarding equipment sold to Chinese state-owned crane manufacturerZPMC.[108][109]

See also

[edit]

References

[edit]
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Further reading

[edit]
  • ABB (2005):The Dormann Letters,Jürgen Dormann/ABB Group, Zurich.
  • Bélanger, Jacques et al. (2001):Being local worldwide: ABB and the challenge of global management,Cornell University Press,New York.ISBN0-8014-3650-8.
  • Kevin Barham, Claudia Heimer (1998):ABB: the dancing giant – creating the globally connected corporation.Financial Times,London.ISBN0-273-62861-5.
[edit]
Wikimedia Commons has media related toABB Group.
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