ABB Seeks U.S. Acquisitions in Automation, Boersen-Zeitung Says
ABB Ltd. (ABBN) is seeking further acquisitions in the U.S. after the company yesterday said it will buy Thomas & Betts Corp. for $3.9 billion, Boersen-Zeitung reported, citing an interview with Chief Financial Officer Michel Demare.
ABB seeks to expand in the U.S. automation market and is seeking to buy “top companies” rather than those who may need restructuring, the newspaper cited Demare as saying.
There is room to improve the company’s profitability in the U.S., ABB seeks to maintain an investment grade credit rating, and is also eying potential targets in Brazil and China, Demare said, according to the newspaper.
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