ABB says Baldor Electric offer a success

Swiss-Swedish ABB, the engineering giant said on Wednesday its offer of U.S. $ 4,200,000,000 for the industry group Electric Motor Baldor Electric had, and is expected to grow by double digit operating income for the fourth quarter.

The Zurich-based group said that after the closure Tuesday of the offer had received 89.4 per cent of the shares of Baldor.

Would acquire the remaining shares at 63.50 per share and list the company on Wall Street, he said.

U.S. antitrust authorities the green light to resume last week, and the management of both groups approved the transaction.

Arkansas Baldor employs approximately 7,000 employees and reported an operating profit of 184 million dollars over the first nine months of 2010.

ABB plans to integrate its business Baldor motors and generators, a move he said would save $ 200 million annually by 2015.

ABB, which is to publish its results on earnings, Feb. 17, said he expected double digit growth in operating income for the fourth quarter and double digit growth in orders in the local currency.