ABB Opens Office in Democratic People's Republic of Korea; Early Move to Pyongyang for Global Technology Group.Business Editors ZURICH, Switzerland--(BUSINESS WIRE)--June 28, 2001 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 confirmed today that it has officially opened an office in Pyongyang, the capital of the Democratic People's Republic of Korea The People's Republic of Korea (PRK) was a short-lived provisional government organized to take over control of the country after the Surrender of Japan at the end of the Pacific War. It existed in August and September 1945. (DPRK), solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. an agreement signed last November to help improve the performance of the country's electricity transmission network and basic industries. ABB announced the opening at a special ceremony attended by senior company officials and local government representatives. "The local government and organizations have been very receptive to our arrival, and we look forward to helping this country develop sustainable levels of electrical power supply," said Jorgen Centerman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the ABB Group. ABB announced in December 2000 that it intended to pursue business opportunities in DPRK. ABB officials at the opening ceremony say subsequent meetings were held to outline investment opportunities and technical cooperation in the area of modernizing DPRK's national electric grid, and upgrading electrical equipment A piece of electrical equipment is a machine, powered by electricity and usually consists of an enclosure, a variety of electrical components and often a power switch. Examples of Electrical Equipment
Sune Karlsson, senior officer and head of large projects for ABB Group, said a further two key meetings took place in 2001, during which working groups were organized and specific tasks outlined. "Furthermore, we were asked by the Ministry of Electrical Power and Coal Industry (MEPCI) and the local electrical authority of a county north of Pyongyang to assist with the electrification e·lec·tri·fy tr.v. e·lec·tri·fied, e·lec·tri·fy·ing, e·lec·tri·fies 1. To produce electric charge on or in (a conductor). 2. a. of a farming and rural development project," said Karlsson. ABB said its November 2000 agreement will also explore cooperation with DPRK partners in the manufacture of electrical products and the provision of services, as well as look for ways to improve performance and efficiency in the manufacture of electrical products such as transformers, circuit breakers Circuit breakers Measures instituted by exchanges to stop trading temporarily when the market has fallen by a certain percentage in a specified period. They are intended to prevent a market free fall by permitting buy and sell orders to rebalance. , cables and the supply of complementary electrical products, systems and equipment. ABB appointed group representative Andre Reussner, a Swiss national, to head the office, which is leased from the North Korean government. ABB (www.abb.com) serves manufacturing, process and consumer industries, utilities, and the oil and gas sector markets with 160,000 employees in more than 100 countries. |
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