ABB in multi-million bid for Britain's Chloride
Swiss-Swedish engineering firm ABB has launched a £860 million pounds ($1.25
billion) bid for the British-based power supply firm Chloride, the firm announced on Tuesday.
"The combination of Chloride's strong position in the fast-growing medium-to high-power uninterruptible power supplies business with ABB's global reach and complementary power and automation offering provides significant growth opportunities for both businesses," said Joe Hogan, ABB's chief executive in a
statement.
"The transaction is in line with our strategy to acquire companies especially in areas where demand is converging across both of these businesses," he added.
ABB's offer of 325 pence per share has been accepted by the board of directors of both companies, and it is now subject to approval by Chloride shareholders, and regulatory authorities.
Chloride employs about 2,500 people and posted revenues of £336 million in the year ending March 31st 2010.
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billion) bid for the British-based power supply firm Chloride, the firm announced on Tuesday.
"The combination of Chloride's strong position in the fast-growing medium-to high-power uninterruptible power supplies business with ABB's global reach and complementary power and automation offering provides significant growth opportunities for both businesses," said Joe Hogan, ABB's chief executive in a
statement.
"The transaction is in line with our strategy to acquire companies especially in areas where demand is converging across both of these businesses," he added.
ABB's offer of 325 pence per share has been accepted by the board of directors of both companies, and it is now subject to approval by Chloride shareholders, and regulatory authorities.
Chloride employs about 2,500 people and posted revenues of £336 million in the year ending March 31st 2010.
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