ABB to Acquire Elsag Bailey

Elsag Bailey Process Automation N.V. (Amsterdam, The Netherlands) has signed a definitive agreement with ABB to make a recommended cash tender offer for all outstanding shares of Elsag Bailey Process Automation.

Mr. Goran Lindahl, ABB group president and CEO, characterized his company's goals for the partnership, stating, "We are delighted to add a company with Elsag Bailey's strength, technological diversity, and global reach to our business portfolio.

Mr. Vincenzo Cannatelli, Elsag Bailey managing director and CEO, also commented on the transaction, stating, "The synergies of our products, our people, and our global market presence are dramatic and can only reinforce the effort we have put forth to position Elsag Bailey as a leading "one-stop-shop" producer of process automation technologies."

The ABB Group serves customers worldwide in power generation, transmission, and distribution; automation; oil, gas, and petrochemicals; industrial products and contracting; financial services; and rail transportation.

Elsag Bailey Process Automation N.V. provides automation systems, process instrumentation, analytical measurement products, and professional services.