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Tuesday 28.02.2006, CET 21:56
Asbestos ruling clears the air for ABB
swissinfo
February 28, 2006 9:15 PM
The asbestos cloud is lifting over ABB (Keystone)
A United States federal judge has approved a $1.43-billion deal (SFr1.88 billion) that settles long-running asbestos litigation against the ABB engineering group.
The decision gives the green light for ABB's revised restructuring plan of its US Combustion Engineering subsidiary.
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And it means that ABB, which is based in Zurich, can now concentrate on developing its core business of power and automation technologies.Claimants still have 30 days to lodge objections to the decision, but the vast majority have already signalled their acceptance of the cash and shares offer.
Tuesday's ruling by a federal judge in a New Jersey court also does not affect separate, but smaller, litigation against ABB's Lummus Global division.The Swiss-Swedish company bought Combustion Engineering, a US firm that had in the 1970s produced asbestos-lined boilers, in 1990 despite pending lawsuits from fo...
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