In an acquisition that's sure to send shock waves through the motor market, ABB Ltd. (ABB), Zurich, Switzerland, announced plans to buy Baldor Electric, Fort Smith, Ark. According to a Baldor press release, this acquisition will enable ABB to penetrate the North American industrial
market by using Baldor's strong North American market access and will allow Baldor to expand globally by using ABB's distribution network abroad. ABB plans to acquire Baldor for $63.50 per share for an overall transaction value of $4.2 billion, including net debt of $1.1 billion. Details
About the Author
Jim Lucy Blog
Chief Editor
Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.