SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of: January 2004
Commission File Number: 001-16429
ABB Ltd
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(Exact name of registrant as specified in charter)
N/A
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(Translation of registrant's name into English)
Switzerland
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(Jurisdiction of organization)
P.O. Box 8131, Affolternstrasse 44, CH-8050, Zurich, Switzerland
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(Address of principal executive offices)
Registrant's telephone number, international: + 011-41-1-317-7111
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-________
This Form 6-K consists of the following:
1. Press release of ABB Ltd, dated January 16, 2004, announcing the agreement
to sell part of its Oil, Gas and Petrochemicals division.
Press Release
ABB finalizes agreement to sell part of Oil, Gas and
Petrochemicals division for US$ 925 million
Zurich, Switzerland, January 16, 2004 - ABB, the leading power and automation
technology group, said today it has finalized the agreement to sell the upstream
part of its Oil, Gas and Petrochemicals division to a newly incorporated company
formed by a private equity investors' consortium of Candover Partners Ltd, 3i
and JPMorgan Partners. ABB expects to record a small capital gain on the initial
sale price of US$ 925 million.
The agreement also includes a potential deferred consideration of an additional
amount of up to US$ 50 million.
"This divestment agreement marks a further, decisive step to increase the focus
on our core businesses and to finalize our divestment program," said Peter
Voser, ABB's chief financial officer.
A preliminary agreement on the deal was announced in late October 2003. The
divestment is subject to the customary regulatory approvals and closing
conditions, as well as the satisfactory completion and disposition of compliance
matters under review. The closing is expected mid-year 2004.
ABB is selling its United States-based Vetco Gray unit and its ABB Offshore
Systems business, headquartered in Norway. These upstream businesses are active
in more than 30 countries and employ some 7,500 people, mainly in Brazil,
Canada, Norway, Singapore, the United Kingdom and the U.S., with total revenues
in 2002 of US$ 1.7 billion.
Not included in the sale is ABB Lummus Global, which is mainly a downstream
business. ABB said it is continuing negotiations with several parties to sell
Lummus Global, and expects to complete the sale in 2004.
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 120,000 people.
For more information please contact:
Media Relations: Investor Relations:
ABB Corporate Communications, Zurich Switzerland: Tel. +41 43 317 3804
Wolfram Eberhardt Sweden: Tel. +46 21 325 719
Tel: +41 43 317 6512 USA: Tel. +1 203 750 7743
Fax: +41 43 317 7958 investor.relations@ch.abb.com
media.relations@ch.abb.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ABB LTD
Date: January 20, 2004 By: /s/ PETER VOSER
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Name: Peter Voser
Title: Chief Financial Officer
By: /s/ HANS ENHORNING
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Name: Hans Enhorning
Title: Group Vice President