Key Developments For ABB Ltd
ABB Ltd (ABB.N) (New York Stock Exchange)
Fortum Oyj and ABB Ltd. to Start Research and Development Cooperation in Smart Grids
ABB Ltd. announced that it is to start a joint development project to design with Fortum Oyj and install urban smart electricity grid in a new district in the city of Stockholm. Building is planned to commence in 2010 and the housing ready for occupancy in 2011. Additionally, Fortum and ABB are involved in Finland in CLEEN Oy’s research program Smart Grids and Energy Market.
ABB Ltd. Wins USD 75 Million Power Order in Canada
ABB Ltd. announced that it has won an order worth USD 75 million from Hydro-Qubec for static VAr compensators (SVCs) - equipment which enables quick responses to electrical disturbances in the grid and contributes to restoring its stability.
ABB Ltd. Wins $120 Million Saudi Arabian Order-DJ
Dow Jones reported that ABB Ltd. said it has received an order worth $120 million from Saudi Arabia. ABB Ltd. will provide power to Saudi Arabia's university for women, the Princess Nourah bint Abdulrahman University, in the country's capital Riyadh. Order from the Saudi Electricity Company. ABB Ltd. will deliver three gas-insulated switchgear substations. The project is scheduled for completion by 2011, and includes delivery of products such as gas-insulated switchgear, transformers, medium-voltage switchgear and auxiliary systems.
ABB Ltd. Provides Power, Propulsion and Automation Solution for Argentine Icebreaker
ABB Ltd. announced that it will provide power, propulsion and automation solution for the Almirante Irizar, Argentina’s sole icebreaker. ABB is supplying a complete power plant and electric propulsion system, as well propulsion and vessel control systems, engineering, installation, commissioning and training.
ABB Ltd. Issues Q3 2009 Profit Outlook Above Analysts' Estimates-AP
The Associated Press reported that ABB Ltd. said it expects third-quarter 2009 net profit of around $1 billion after booking charges for an alleged price fixing fine, higher taxes and restructuring costs. The Company said it had previously made provisions for the charges, which amount to a total of $380 million. The Company said they are related to alleged anticompetitive practices in the power transformer market, for which it was fined by European Union, and as well the increased cost of doing business in Russia. According to Reuters Estimates, analysts on an average were expecting the Company to report GAAP pre-tax profit of $952 million for the third quarter of 2009.
