Disposal

ABB Ltd
10 December 2001


ABB divests air handling business for US$ 225 million

Company focusing on core areas of power and automation technology

Zurich, Switzerland, December 10, 2001 - ABB said today it will sell its air 
handling equipment business to Global Air Movement (Luxembourg) SARL for US$225 
million, as part of its strategy to focus on power and automation technology 
products, systems and solutions for utilities and industry.

Global Air Movement (Luxembourg) SARL is a company formed on behalf of Compass 
Partners European Equity Fund L.P., management and other investors.

'This divestiture is in line with ABB's strategy to focus on core areas of 
expertise in power and automation technology,' said Jorgen Centerman, ABB'S 
president and CEO. 'The air handling business is undergoing a period of 
consolidation, and we feel the new owners are in a better position to grow and 
sustain these operations.'

The sale is subject to customary regulatory approvals. The financing of the 
transaction has been committed by the arranging banks. Loan documentation will 
be finalized before closing.

Under the terms of the contract, Global Air Movement (Luxembourg) SARL  will 
purchase ABB's world-wide air handling equipment business. The business, which 
is head quartered in Zurich, Switzerland, employs approximately 3,500 people in 
30 countries and reported revenues of around US$440 million in 2000. The deal 
will bring together the business with Woods Air Movement Limited, of Colchester 
in the United Kingdom, a company acquired by Global Air Movement (Luxembourg) 
SARL last year. Woods has revenues of US$ 95 million, employs some 700 people, 
and is represented in 70 countries world-wide.

ABB'S air handling equipment business supplies fan and ventilation products for 
public, commercial and industrial ventilation and process applications. It was a
part of ABB'S manufacturing and consumer industries division and made up a key 
part of the former Flakt group. The Flakt trademark is included as part of the 
deal.

Hannu Paitula, who headed the air handling equipment business with ABB, has been
named CEO of the new combined company, Paitula said: 'We have a tremendous 
opportunity here to build a global leader, based on the Flakt and Woods brands, 
and the fact that the two businesses are highly complementary, both in terms of 
geography and technology.'

ABB and Global Air Movement (Luxembourg) SARL said they are committed to a 
continuing business relationship.

Compass Partners European Equity Fund L.P. specializes in large, complex, multi-
jurisdictional control position investments.  Compass private equity investments
typically require strategic, operational and financial expertise to create value
in a long-term partnership with management.


ABB (www.abb.com) is a global leader in power and automation technologies that 
enable utility and industry customers to improve performance while lowering 
environmental impact. ABB has 160,000 employees in more than 100 countries.

For more information please contact:

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