World's leading energy company ABB to take over Belgrade's EXOR

ABB, the world's leading company in the area of energy and industrial automatics, announced yesterday (March 30, 2010) that it had reached the agreement on takeover of part of company EXOR with the aim of improving its market position in Serbia and neighboring countries, in certain segments and at global level.

The primary goal of transaction is strengthening of business activities in the field of process automation with the accent on complete solution in various branches of industry. It is expected that the transaction will be concluded in April, after the regulatory organs give their consent.

EXOR's inclusion into ABB's global network creates the opportunity for growth of Serbian export to the EU countries and even to the global market through deliveries of software packages intended for optimization of production processes in metal-processing industry.

EXOR was formed in 1990 when it was providing engineering and servicing services to ABB and other companies. In time it grew into a strong regional company that offers the "turn key" solutions on the platforms of various manufacturers. These solutions include the delivery of distributed control systems, engines and motors, instrumentation and electrification for industrial and power units.

According to the words of Aleksandar Ćosić, the CEO of ABB in Serbia, this acquisition will double the number of employees in the region and enable the company to readily wait for the expected growth, while simultaneously developing its service activities.

- This takeover perfectly fits into our new global organization: let us welcome the team whose expertise in the delivery of control systems for industrial and energy units is well known both locally in the region and all around the world - said Veli-Matti Reinikkala, the CEO of ABB's Global division Process Automation.

Christer Skogum, the CEO of ABB's Global business unit Metali, said that that investment would additionally improve the position of ABB in metal-processing industry in Europe and the world.

- EXOR will become an integral part of the organization that offers its customers top-quality services and complete solutions at acceptable prices through local expert centers - said Christer Skogum.

ABB (www.abb.com) is the world's leading company in the area of energy and industrial automatics that helps its users use electric energy more efficiently, increase industrial productivity and reduce harmful influence on environment. The companies members of ABB Group operate in about 100 countries and employ about 117,000 people all around the world.