ABB Ltd. completed its acquisition of Baldor Electric Co., a North American provider of industrial motors. The transaction, which was originally announced on Nov. 30, 2010, was valued at $4.2 billion, including $1.1 billion of net debt.
The acquisition is said to advance ABB's strategy to become a leader in the North American industrial motors business and a global leader for movement and control in industrial applications. The addition of Baldor’s around 6,800 North American employees brings the number of ABB’s employees in North America to approximately 17,000.
Ron Tucker, Baldor’s president and CEO, will be responsible for running Baldor, including its mechanical power transmission products business, as well as ABB’s North American motor and generator business. These businesses will be headquartered in Fort Smith, Ark., which is Baldor’s current headquarters location. Baldor’s former Chairman and CEO, John McFarland, will remain with the company to support a successful integration.
In connection with the completion of the transaction, Baldor shares have ceased trading on the New York Stock Exchange.
For more information, visit: http://www.abb.com.