ABB's sale of nuclear business to BNFL closed; Companies finalize deal effective immediately.Business Editors ZURICH, Switzerland--(BUSINESS WIRE)--May 2, 2000 ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s , the global technology group, and BNFL BNFL British Nuclear Fuels LTD said today they have finalized the sale of ABB's nuclear activities to the U.K.-based nuclear technology company following regulatory approval in Europe and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The US$ 485 million transaction, first announced last December, is effective immediately. Under the terms of the agreement, BNFL is purchasing ABB's worldwide nuclear businesses, headquartered in the United States and with operations in Sweden, France, Germany and Korea. The divested businesses also include nuclear automation. In total, the divested businesses employ about 3,000 people and reported revenues in 1999 of about US$ 600 million. ABB announced at the end of March this year plans to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. its 50-percent share of the ABB ALSTOM POWER joint venture. The transaction is expected to be finalized shortly. After these divestments, ABB's power generation business focuses on alternative energy solutions, such as renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. and small-scale distributed power plants. The ABB Group serves customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . With novel IT applications, tailored software solutions, growing eBusiness and a fast expanding knowledge and service base, ABB is building links to the new economy. The ABB Group employs about 165,000 people in more than 100 countries. |
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