Feb 20, 2012 01:19 PM IST | Source: Reuters

ABB chief: Up to $8bn for buys in next 3 years

Swiss engineering group ABB has up to $8 billion available for takeovers in the next three years, Chief Executive Joe Hogan was quoted as saying on Sunday

ABB chief: Up to $8bn for buys in next 3 years

Swiss engineering group ABB has up to USD 8 billion available for takeovers in the next three years, Chief Executive Joe Hogan was quoted as saying on Sunday.

"Our solid balance sheet allows us to do takeovers of up to $8 billion in the coming three years," Hogan told the SonntagsZeitung newspaper in an interview.

Under Hogan's leadership, ABB has done three big deals in the past two years, most recently agreeing to buy U.S. electrical components maker Thomas & Betts for USD 3.9 billion.

Hogan told the newspaper he was not ruling out another big deal for this year but said buys worth several hundred million dollars were more likely, with holes ABB is looking to fill including in the low-voltage sector in India, he said.

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