ABB says it buys Sweden's Lorentzen for $119 million
Swedish-Swiss engineering giant ABB said on Monday that it had agreed to buy Swedish paper and pulp equipment maker Lorentzen & Wettre from Assa Abloy AB for $119 million (81.8 million euros).
"This acquisition will nicely complement our existing portfolio of pulp and paper industry offerings," said Veli-Matti Reinikkala, who heads ABB's process automation division.
"This is an excellent strategic fit as Lorentzen & Wettre's products and services will enable us to address the broad spectrum of pulp and paper production challenges," added Reinikkala in a statement.
Lorentzen & Wettre makes equipment for quality control, process management and test instrumentation for the pulp and paper industry.
It employs 190 people and posted revenues of about $49 million in 2010. Sales are expected to reach $53 million this year.
© 2011 AFP