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ABB still looking for buys, CEO says
(Nordic Business Report Via Acquire Media NewsEdge) 10 September 2010 - Swiss-Swedish engineering group ABB Ltd (VTX: ABBN) (STO: ABB) continues to look for takeover targets but does not plan to expand to new business areas, CEO Joe Hogan said at a news conference before the group's capital markets day in Zurich today.
"Don't expect us to buy a 'third leg'," Hogan said, cited by Dow Jones Newswires, adding that the group would not enter the medical business, for example.
In the past few months, ABB has been quite active in terms of acquisitions. The group bought US energy software company Ventyx Inc and measurement product maker K-Tek Corp. At the same time, it increased its stake in ABB India (BOM: 500002) to 75% from 52.11%.
However, the Swiss-Swedish engineering group withdrew from the takeover battle for UK power solutions provider Chloride Group Plc (LON: CHLD) after its bid was trumped by US rival Emerson Electric Co (NYSE: EMR).
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