The first modular robot, the IRB 6000, can be reconfigured to perform a variety of specific tasks. ABB's 1991 introduction of the IRB 6000 robot, demonstrated its increased capacity in this field. The acquisition expanded ABB's presence in automated spot-welding and positioned the company to better serve the American automotive industry. The following year, ABB bought the robotics business of Cincinnati Milacron in the US. In 1989, ABB purchased an additional 40 companies, including Westinghouse Electric's transmission and distribution assets, and announced an agreement to purchase the Stamford, Connecticut-based Combustion Engineering (C-E). In its first year, ABB made some 15 acquisitions, including the environmental control group Fläkt AB of Sweden, the contracting group Sadelmi/Cogepi of Italy, and the railway manufacturer Scandia-Randers A/S of Denmark. When ABB began operations on 5 January 1988, its core operations included power generation, transmission and distribution electric transportation and industrial automation and robotics. The merger created a global industrial group with revenue of approximately $15 billion and 160,000 employees. The new corporation would remain headquartered in both Zurich, Switzerland and Västerås, Sweden, with each parent company holding 50 percent. On 10 August 1987, ASEA and BBC announced they would merge to form ASEA Brown Boveri (ABB). Īn ABB entity pleaded guilty for bid rigging in 2001, and the company has had 3 US Foreign Corrupt Practices Act bribing resolutions against it in 2004, 2010, and 2022. ĪBB is traded on the SIX Swiss Exchange in Zürich, Nasdaq Stockholm in Sweden, and the New York Stock Exchange in the United States. Until the sale of its Power Grids division in 2020, ABB was Switzerland's largest industrial employer. It is ranked 341st in the Fortune Global 500 list of 2018 and has been a global Fortune 500 company for 24 years. The company has also since expanded to robotics and automation technology. Both companies were established in the late 1800s and were major electrical equipment manufacturers, a business that ABB remains active in today. The company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create ASEA Brown Boveri, later simplified to the initials ABB. is a Swedish- Swiss multinational corporation headquartered in Zürich, Switzerland.
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