ABB sells oil & gas business

Switzerland-based engineering company ABB Ltd has signed a preliminary agreement to
sell most of its upstream business in the oil, gas and petrochemicals division to a private equity consortium consisting of Candover Partners Ltd., JP Morgan Partners LLC and 3i Group Plc. The price range is between USD 925 million and USD 975 million. A definitive agreement is expected to be signed before the end of 2003. ABB’s upstream business has 7500 employees in 31 countries and posted revenues of USD 1.7 billion in 2002. The divestment does not include the mainly downstream ABB Lummus Global business.

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