Engineering group on track for US stockmarket listing
The Swiss-Swedish engineering and technology group, ABB, says its plans for a stock market listing in the United States are well on course.
The Swiss-Swedish engineering and technology group, ABB, says its plans for a stock market listing in the United States are well on course.
The company's chief executive, Göran Lindahl, told shareholders that ABB would file for a listing with the US Securites and Exchange Commission within the next few months.
ABB has said the listing would give US investors direct access to the group, and will enhance transparency among its competitors.
Lindahl repeated that group revenue and operating profit would rise this year. "In the year 2000, we also expect an improvement in group net profit." Last year, net profit rose to US$1.6 billion from US$1.3 billion in 1998.
The general meeting of shareholders was the first since the creation of the single-class ABB Ltd share. In 1999, ABB shareholders agreed to replace the previous for-class system of shares in ABB AG and ABB AB - the former Swiss and Swedish parent companies of the ABB Group - with a single-class share in ABB Ltd.
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