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Strategies & Market Trends : ABB (Asea Brown Boveri) ADR

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From: JakeStraw	2/13/2008 8:25:13 AM
	of 106

ABB Chief Leaves Over Buyout Strategies biz.yahoo.com Wednesday February 13, 6:52 am ET ABB Chief Kindle Leaves Because of Differences Over Acquisition Strategy ZURICH, Switzerland (AP) -- The chief executive of ABB Ltd. is leaving the company because of differences over acquisition strategy, the Swiss-Swedish electrical engineering giant said Wednesday. ABB also said fourth-quarter profits surged to $1.8 billion (1.2 billion euros), up from $422 million in the year-earlier period, as the company profited from the sale of a noncore unit. The company releases its official results Thursday. Chief Executive Fred Kindle has led the company for three years as it rebuilt from near bankruptcy in 2002, facing costly asbestos claims against some of the company's U.S. acquisitions. The departure could mark the beginning of a renewed round of takeovers, analysts said, but warned that ABB's past troubles were closely linked to an aggressive acquisition spree during the 1990s. Kindle "is leaving the company due to irreconcilable differences about how to lead the company," ABB said, adding that it had launched a search for a successor. It said that Chief Financial Officer Michel Demare would lead the company in the meantime.

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