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In 2011, Baldor was acquired by ABB Ltd of Switzerland in an all-cash deal of US$4.2 billion ($1.1 billion debt included). The company continued to operate as Baldor Electric Company A Member of the ABB Group. On March 1, 2018, Baldor Electric Company's name was dissolved into the ABB brand, becoming ABB across all of its locations.
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]
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Two years later, in 1967, Liebert made its first international move by setting up a Canadian distributor network. In 1968, the company moved into a new facility in Worthington, Ohio . As its business continued to grow, the company broke ground once again and moved into a 150,000 square foot facility in Columbus, Ohio.
It was ABB's biggest acquisition to date with a purchase price of $4.2 billion. [8] In 2013, Spiesshofer was appointed CEO of ABB, a position he held until 2019. As CEO, he led the ABB acquisition of GE Industrial Systems, which was announced in 2017. [9] In 2020, he joined American investment company Blackstone Inc. as senior advisor. [10]
This page was last edited on 23 November 2024, at 07:31 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.