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ABB sells division for $244m
Written by Business Weekly   
Friday, 04 April 2003
ABB has sold its Luton based metering business to German company, Ruhrgas Industries of Essen, for $244 million on a cash and debt-free basis. ABB has sold its Luton based metering business to German company, Ruhrgas Industries of Essen, for $244 million on a cash and debt-free basis.

The water and electricity metering business is no longer core for ABB.

The divestment backs the company’s strategy of focusing on power and automation technology products for utilities and industry customers.

Proceeds from the sale will be used to further reduce ABB’s net debt.

The Luton based business employs around 3,800 people in 30 countries and posted revenues of some $450 million in the last financial year reported.

 
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