ABB buys assets of HSB Reliability
As part of The Hartford Steam Boiler Inspection and Insurance Company, HSB Reliability Technologies and HSB Reliability Systems groups have over 70 years of maintenance consulting and implementation experience with the world's leading manufacturing companies in both process and discrete industries...
NORWALK, CT, May 5, 2005 (BUSINESS WIRE) -- ABB, a leading power and automation technology group, has acquired HSB Reliability Technologies and HSB Reliability Systems groups for an undisclosed amount. The acquired businesses have over 70 years of reliability and maintenance consulting and implementation experience with the world's leading manufacturing companies in both the process and discrete industries. These groups were part of The Hartford Steam Boiler Inspection and Insurance Company, one of the world's leading equipment breakdown insurers.
These groups will be integrated into ABB's service organization, effective immediately. "We look at this acquisition as a strong, strategic investment in the future of ABB, our new employees and our industrial customers," said Michael Drew, vice president of Global Engineering & Consulting Services. "With the global reach of ABB's services organization, combined with the experience and innovative reliability solutions, the opportunities to significantly improve our customers' operational and financial performance will be greater than ever."
"They are a perfect fit for ABB's service strategy," said Dinesh Paliwal, head of ABB North America. "This expands ABB's capabilities to improve our customers' asset effectiveness and productivity through consulting, asset class outsourcing, and full service maintenance."
ABB (www.abb.com) is a leader in power and automation technologies that enable utilities and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 102,000 people. The company's North American operations, based in Norwalk, Conn., employs about 11,000 people in 20 manufacturing and other facilities.