ABB Plans No More Big Deals After Completing Thomas & Betts Purchase
April 25 2012 - 8:36AM
Dow Jones News
Power and technology company ABB Ltd (ABBN.VX) Wednesday said it
expects to complete its $3.9 billion deal to buy U.S. low voltage
company Thomas & Betts Corp (TNB) in the second quarter, and
doesn't plan any more big acquisitions.
Chief Executive Joe Hogan said: "We have nothing on the book
which looks close to the size of Thomas & Betts."
Zurich-based ABB Wednesday said its first-quarter sales and
earnings had been led by growth in North America.
"We are expecting the U.S. to continue on the path we have
seen," Hogan told a conference call.
In China, where ABB said growth was weakest, ABB said it still
expected the country to achieve its target of 8.5% gross domestic
product growth.
The market in China, ABB's second biggest market, was segmented
wkith construction and and transportation posting weaker growth,
said Chief Financial Officer Michel Demare.
"China we believe is going to hit the GDP figures. The
industrial part of China we expect to recover faster," Demare
said.
-By John Revill, Dow Jones Newswires; +41 43 443 8042 ;
john.revill@dowjones.com
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