EC approves ABB Finance sale
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Manufacturing News, Source : TheManufacturer.com
Published : 07 Nov 2002 10:53
The European Commission has approved the sale by debt-laden power and automation technology group ABB, of its Structured Finance business to GE Commercial Finance.
ABB said the cash proceeds of about US$2.3 billion would be used to cut its debts which stood at US$4.1 billion at the start of 2002. ABB is now determined to focus on its core areas of power and automation technology.
The transaction is scheduled to be closed on November 29.
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