ABB Ltd
Industry:
Engineering
Symbol:
ABB
States:
AL
AZ
AR
CA
CO
CT
DC
FL
GA
HI
IL
KS
LA
MA
MI
MO
NV
NJ
NM
NY
NC
OH
OK
OR
PA
RI
SC
TN
TX
VT
VA
WA
WV
WI
Country:
Switzerland
website:
Contact Information:
Sources:
-
“Swiss engineering group ABB AG has stopped taking new orders in Iran with a view to ending operations there, a spokesman said on Sunday, confirming a newspaper report.
‘It's been some time since we've taken any new orders,’ ABB spokesman Wolfram Eberhard said, adding the company had stopped doing so more than 12 months ago. "We're finishing up old contracts."
He said ABB now employed some 30 people in Iran, down from 100, and that many of its contracts had been for infrastructure projects and had run into financing difficulties. He said he had no exact date for when all business would be finished.” (Reuters, “ABB, other Swiss firms halting Iran business,” 1/31/10)
- New York State Comptroller Thomas P. DiNapoli also
announced Tuesday
the $110 billion fund would freeze an additional $300 million in seven
other companies...The decision comes after two years of reviewing these
companies, the potential risk of the investments and, in some cases,
humanitarian efforts in these countries. "We don't expect our
investments to benefit regimes that support genocide and terrorism,"
said DiNapoli...The fund also plans to monitor and prohibit further
investment in ENI (E), Repsol YPF (REP), Royal Dutch Shell PLC (RDSA),
Total SA (TOT), ABB Ltd. (ABB), Alstom (ALO.FR) and Snam Rete Gas
(SNMRY). Additionally, it plans to focus on other industries including
telecommunications. (Wall Street Journal, "NY
Comptroller To Divest $86.2M In State Pension Fund Investments,"
6/30/09 and The Office of New York State Comptroller Thomas P. DiNapoli)
- A source familiar with the naughty list says both ABB, a
Swiss
engineering giant that does business in Iran, and the China National
Petroleum Corp., which operates in Sudan, are included. (TIME,
"Rules
of Disengagement," 5/12/08)
- Listed by U.S. Government as doing business in Iran. (U.S.
Securities and Exchange Commission, List of Companies
Doing Business With State Sponsors Of Terror, Removed
from Internet in July 2007)
- "The blacklist is based on latest annual reports of the
companies.
They are mostly non-U.S. and include Unilever, Cadbury,HSBC, Nokia,
Siemens and Total, as well as the second biggest Swiss bank, Credit
Suisse, the agrochemical firm, Syngenta, and the engineering group, ABB...
For its part, ABB said an "information offensive" was needed to explain its position to investors. The engineering group has been doing business with Iran, according to the SEC list...
ABB's business activities with Iran will continue but account for less than 1 percent of the company's sales, according to spokesman Wolfram Eberhardt." (Xinhua, "Swiss Company Irritated Over U.S. Blacklist," 7/2/07)
Response:
No response at this time.
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