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ABB says it buys Sweden's Lorentzen for $119 million

05 july 2011, 10:58
Swedish-Swiss engineering giant ABB said on Monday that it had agreed to buy Swedish paper and pulp equipment maker Lorentzen & Wettre from Assa Abloy AB for $119 million (81.8 million euros), AFP reports.

"This acquisition will nicely complement our existing portfolio of pulp and paper industry offerings," said Veli-Matti Reinikkala, who heads ABB’s process automation division.

"This is an excellent strategic fit as Lorentzen & Wettre’s products and services will enable us to address the broad spectrum of pulp and paper production challenges," added Reinikkala in a statement.

Lorentzen & Wettre makes equipment for quality control, process management and test instrumentation for the pulp and paper industry.

It employs 190 people and posted revenues of about $49 million in 2010. Sales are expected to reach $53 million this year.

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