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This is an archive article published on August 10, 2011

ABB to acquire Baldor Electric India

ABB has apprved the proposal to acquire 100 per cent shares of Baldor Electric India.

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ABB today said it would acquire Pune-based Baldor Electric India for about Rs 35.7 crore.

The board of ABB has apprved the proposal to acquire 100 per cent shares of Baldor Electric India from Baldor Holdings Inc.,USA and Baldor Electric Switzerland.

The deal would be worth abut Rs 35.7 crore,ABB said in a regulatory filing. The proposal was approved by the board of directors during their meeting held today.

ABB Group had acquired Baldor Electric Company,USA,in January this year.

8220;Baldor provides sales and service assistance to its customers including support for the products viz.,electric motors,power transmission products,drives,generators and other accessory products,8221; the filing said.

ABB Group is a leading power and automation technology solutions provider.

Meanwhile,in the 2011 June quarter,ABB8217;s net profit marginally rose to Rs 38.72 crore from Rs 38.32 crore in the year-ago period.

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The company8217;s total operating income climbed to Rs 1,712.52 crore in the latest June quarter as compared to Rs 1,463.09 crore in the same period a year ago.

Shares of ABB closed flat at Rs 805.85 on the Bombay Stock Exchange.

 

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