ABB Completes $4.2 Billion Acquisition of Baldor Electric Company

On January 27, 2011 ABB Ltd’s US$4.2 billion acquisition of Baldor Electric Company closed. Both companies are active in power and automation technologies, with operations around the world. In 2010, ABB employed approximately 117,000 people worldwide and earned revenues of approximately US$31.6 billion. In 2009, Baldor employed approximately 7,000 people worldwide and earned revenues of approximately US$1.6 billion.

In addition to Canadian regulatory clearances, the transaction was notified and cleared by the competition authorities of the United States, Austria, Germany, Italy, and Brazil.

Baldor was represented in Canada by a team from McMillan LLP that included Neil Campbell and Casey Halladay (competition).