ABB offers 860 million pounds for Britain's Chloride
Swedish-Swiss engineering group ABB said Tuesday it is offering to pay 860 million pounds (1.04 billion euros, 1.25 billion dollars) to acquire British-based power supply firm Chloride.
"The combination of Chloride's strong position in the fast-growing medium- to high-power uninterruptible power supplies business with ABB's global reach and complementary power and automation offering provides significant growth opportunities for both businesses," said Joe Hogan, ABB's chief executive in a statement.
"The transaction is in line with our strategy to acquire companies especially in areas where demand is converging across both of these businesses," he added.
ABB's offer of 325 pence per share has been accepted by the board of directors of both companies, and it is now subject to approval by Chloride shareholders, and regulatory authorities.
Chloride employs about 2,500 people and posted revenues of 336 million pounds in the year ending March 31, 2010.
© 2010 AFP