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European Commission gives approval for ABB Alstom Power

ABB and alstom have received approval from the European Commission to complete their proposed 50-50 joint company in power generation. Regulatory clearance in the US and a few other jurisdictions is still outstanding.

As the two companies announced on 23 March 1999, the joint company will be called ABB Alstom Power and will employ more than 54,000 people in 100 countries. The company will comprise all of ABB’s power generation group, excluding its nuclear activities and distributed power business, and all of Alstom’s energy sector activities excluding its heavy duty turbine business ,which Alstom is divesting.

The president and CEO of the new company will be Claude Damon, presently deputy CEO of Alstom. Joining him on the management board will be Alexis Fries, currently head of ABB’s power generation segment, and Nick Salmon, head of Alstom’s energy sector. ABB CEO Göran Lindahl will be chairman of the supervisory board.