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Bio

In 2005, ABB delisted its shares from the London Stock Exchange and Frankfurt Stock Exchange.[25] In 2006, ABB put an end to its financial uncertainties by finalizing a $1.43 billion plan to settle asbestos liabilities against its US subsidiaries, Combustion Engineering and ABB Lummus Global, Inc.[26] In August 2007, ABB Lummus Global, ABB"s downstream oil and gas business, was sold to CB&I.[26] In 2004, ABB had sold its upstream oil and gas business, ABB Vetco Gray. ABB"s plan going forward was to support the oil and gas industry with its core automation and power technology businesses. In 2008, ABB agreed to acquire Kuhlman Electric Corporation, a US-based maker of transformers for the industrial and electric utility sectors. In December 2008, ABB acquired Ber-Mac Electrical and Instrumentation to expand its presence in Western Canada"s oil and gas industries.

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