Swedish-Swiss Company ABB to Buy Out Subsidiary Companies in Russia

The management of Swiss-Swedish company ABB is planning to buy out seven of its ten subsidiary companies in Russia. As Swedish newspaper Dagens Industri reports today, ABB subsidiaries include the Scientific Research Institute for Electrical Relay Production in Cheboksary, Uralelectrotyazhmash Heavy Machinery Plant, Electroisolit, Moselectroschit, Moskabelmet and others.

The Russian share of total ABB annual turnover is only about 1%. In 2001 ABB Russia increased its turnover to almost USD 100 million, an increase of 18% year-on-year.