Sydney, Australia, May 1, 2003 – ABB Ltd. (Zurich) the global power and automation technology group, announced today it has entered into an agreement to sell its building systems businesses in Australia and Hong Kong to Downer EDI Limited.
The agreement involves Downer EDI assuming around 400 strong regional workforce of ABB’s Building Systems business and the assignment of existing contracts, which include electrical contracting and facilities management work in Australia and Hong Kong. Annual revenue from the ABB business is approximately AU$100 million.
Chief Executive Officer of ABB Australia, Mr John Gaskell said: “The transaction is in keeping with ABB’s global strategy announcement last year to focus on core areas of power and automation technologies for utility and industry customers.
Managing Director of Downer EDI, Mr Stephen Gillies, said the employee skill base and contracts assigned by ABB complemented and expanded those within Downer EDI’s engineering division (Downer Engineering).
“The agreement will further consolidate Downer EDI participation in value-added services in industrial, infrastructure and facilities management, particularly in the company’s core sectors of power and rail,” Mr Gillies said.
“We are working closely with Downer EDI and customers to ensure a smooth transition to the new operator,” Mr Gaskell said.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 135,000 people.
Downer EDI (www.downeredi.com.au) is an Australian top-150 company, which provides comprehensive engineering and infrastructure management services to the public and private rail, road, power, telecommunications, mining and resources sectors in Australia, New Zealand and Asia.