ABB

For other uses, see ABB (disambiguation).

ABB Ltd
Company typePublic
ISINCH0012221716 Edit this on Wikidata
IndustryElectrical equipment
Predecessors
Founded1988; 36 years ago (1988)
HeadquartersZurich, Switzerland[1]
Area served
Worldwide
Key people
RevenueIncrease US$32.2 billion (2023)
Increase US$4.87 billion (2023)
Increase US$3.82 billion (2023)
Total assetsIncrease US$40.9 billion (2023)
Total equityIncrease US$14.1 billion (2023)
Owners
Number of employees
c. 105,000 (2023)
Websiteglobal.abb
Footnotes / references
[1][3][4][5]
Countries where ABB is present, 2022.

ABB Ltd is a Swiss multinational electrical engineering corporation headquartered in Zurich, Switzerland.[1] Owing to its history, 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.[6] It was ranked 340th in the Fortune Global 500 list of 2020 and has been a global Fortune 500 company for 24 years.[7]

ABB was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create Asea Brown Boveri, later simplified to the initials ABB. Both companies were established in the late 1800s and grew into major electrical equipment manufacturers, a business in which ABB remains active. Its traditional core activities include power generation, transmission and distribution; industrial automation, and robotics. Between 1989 and 1999, the company was also active in the rolling stock manufacturing 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 for bid rigging; the firm has also had three US Foreign Corrupt Practices Act bribing resolutions against it; in 2004, 2010, and 2022.[8] In early 2002, ABB announced its first-ever annual loss, which was attributed to asbestos-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 to Hitachi in 2020, ABB was Switzerland's largest industrial employer.[9]

  1. ^ a b c ABB Ltd (22 May 2024). Articles of Incorporation of ABB Ltd, Zurich (Report). Retrieved 31 October 2024.
  2. ^ "Morten Wierod". global.abb. ABB. 1 August 2024. Retrieved 7 August 2024.
  3. ^ "ABB Group Annual Report 2023". US Securities and Exchange Commission. 23 February 2024.
  4. ^ "ABB Annual Report 2018". ABB Ltd. Retrieved 28 March 2019.
  5. ^ "ABB – Major shareholders". ABB Ltd. Retrieved 27 April 2022.
  6. ^ "Share Listing data". ABB Ltd.
  7. ^ "Fortune 500 – ABB". Fortune. Archived from the original on 2 May 2019. Retrieved 8 August 2018.
  8. ^ "ABB to pay $315 mn to settle US charges over South Africa bribes". RFI. Agence France-Presse. 3 December 2022. Retrieved 5 December 2022.
  9. ^ "Das sind künftig die grössten Arbeitgeber der Industrie". Bilanz (in German). Retrieved 13 November 2020.