Editing ABB (section)

===2000s===
[[File:Float Glass Unloading.jpg|thumb|ABB robots handling [[float glass]] on a production line, 2008.]]
During 2000, ABB divested its interests in ABB Alstom Power and sold its boiler and fossil-fuel operations (including Gas turbines) to Alstom.<ref>{{cite web |url= https://new.abb.com/news/detail/13516/alstom-acquires-abbs-share-in-abb-alstom-power |title= ALSTOM acquires ABB's share in ABB ALSTOM POWER |website= ABB Ltd |date= 31 March 2000}}</ref> Thereafter, ABB's power business was focused on renewable energy and transmission and distribution.

In early 2002, ABB announced its first-ever annual loss, a $691 million net loss for 2001.<ref>{{cite web |url= https://new.abb.com/news/detail/13631/abb-posts-us-691-million-loss-for-2001-after-substantial-charges-cuts-net-debt-in-q4-by-us-22-billion-on-record-cash-flow |title= ABB posts US$ 691 million loss for 2001 after substantial charges, cuts net debt in Q4 by US$ 2.2 billion on record cash flow |website= ABB Ltd |date= 13 February 2002}}</ref> The loss was caused by ABB's decision to nearly double its provisions for settlement costs in [[asbestos]]-related litigation against its American subsidiary Combustion Engineering from $470 million to $940 million; these claims were linked to asbestos products sold by Combustion Engineering prior to its acquisition by ABB.<ref>{{cite news |url = https://www.bloomberg.com/news/articles/2002-03-03/how-asbestos-burned-abb |title = How Asbestos Burned ABB |work= Bloomberg |date = 3 March 2002}}</ref><ref>{{cite news |url = https://www.theguardian.com/business/2002/oct/23/12 |title = ABB share price suffers double blow |newspaper= The Guardian |first = Mark |last = Milner |date = 23 October 2002}}</ref> At the same time, ABB's board announced it would seek the return of money "paid in excess of obligations to Goran Lindahl and to Percy Barnevik," two former chief executive officers of the group. Barnevik received some $89 million in pension benefits when he left ABB in 2001; Lindahl, who succeeded Barnevik as CEO, had received $50 million in pension benefits.<ref>{{cite web |first= Edith M. |last= Lederer |url= http://www.corpwatch.org/article.php?id=1928 |title= UN: Swedish Businessman Loses Job |website= CorpWatch |date= 1 March 2002 |access-date= 12 December 2010 |archive-date= 16 June 2010 |archive-url= https://web.archive.org/web/20100616025356/http://corpwatch.org/article.php?id=1928 }}</ref><ref>{{cite web |url = https://www.theguardian.com/business/2002/jul/10/6 |title = ABB staff tried to bury losses |work = The Guardian |first = David |last = Gow |date = 10 July 2002 |url-status=live |archive-url=https://web.archive.org/web/20231218204750/https://www.theguardian.com/business/2002/jul/10/6 |archive-date= Dec 18, 2023 }}</ref>

In 2004, ABB sold its upstream oil and gas business, ABB Vetco Gray, to a consortium of private equity investors for an initial sum of $925 million; despite the sale, ABB continued to play an active role in the oil and gas industry via its core automation and power technology businesses.<ref>{{cite web |url = https://www.controleng.com/articles/abb-selling-part-of-its-oil-gas-and-petrochemical-division/ |title = ABB selling part of its oil, gas and petrochemical division |website = Control Engineering |date = 26 January 2004 |url-status=live |archive-url=https://web.archive.org/web/20231222211938/https://www.controleng.com/articles/abb-selling-part-of-its-oil-gas-and-petrochemical-division/ |archive-date= Dec 22, 2023 }}</ref><ref>{{cite news |url = https://www.ft.com/content/e1f8fbc4-9e7f-11db-ac03-0000779e2340 |title = GE to acquire Vetco Gray for $1.9bn |newspaper=[[Financial Times]] |first = Peter |last = Smith |date = 8 January 2007 |url-access=subscription }}</ref>

During 2005, ABB delisted its shares from the [[London Stock Exchange]] and [[Frankfurt Stock Exchange]].<ref>{{cite magazine |title= Restructuring announced by ABB |magazine= [[Railway Gazette International]] |issue= October 2005 |page= 645}}</ref><ref>{{cite web |url = https://www.sec.gov/Archives/edgar/data/1091587/000110465905062395/a05-22126_36k.htm |title = ABB completes delisting of shares from Frankfurt Stock Exchange |website = [[U.S. Securities and Exchange Commission]] |date = 22 December 2005}}</ref> During the following year, the company ended its financial uncertainties via the finalization of a $1.43 billion plan to settle asbestos liabilities against its US subsidiaries, Combustion Engineering and ABB Lummus Global, Inc.<ref name="auto">{{cite news |url= http://www.boston.com/business/articles/2006/09/01/abb_says_lummus_asbestos_claims_resolved |title= ABB asbestos claims resolved |date= 1 September 2006 |newspaper= Boston Globe |agency= [[Reuters]] |archive-date= 26 February 2009 |access-date= 8 May 2007 |archive-url= https://web.archive.org/web/20090226230708/http://www.boston.com/business/articles/2006/09/01/abb_says_lummus_asbestos_claims_resolved/ |url-status= dead }}</ref> A three-part capital strengthening plan also aided in ABB's recovery.<ref>{{cite web |url = https://www.thebanker.com/Restructuring-edges-ABB-towards-black-1086130800 |title = Restructuring edges ABB towards black |website=The Banker |first = Geraldine |last = Lambe |date = 2 June 2004}}</ref>

In August 2007, ABB Lummus Global, ABB's downstream oil and gas business, was sold to CB&I in exchange for $950 million. The sale led to ABB making an accelerated $204 million payment to the CE Asbestos PI Trust, a trust fund covering the asbestos liabilities of Combustion Engineering.<ref name="auto" /><ref>{{cite web |url = https://www.euro-petrole.com/abb-completes-sale-of-lummus-global-n-i-1549 |title = ABB completes sale of Lummus Global |website=Europétrole |date = 20 November 2007}}</ref>

During 2008, ABB agreed to acquire Kuhlman Electric Corporation, a US-based maker of transformers for the industrial and electric utility sectors.<ref>{{cite news |url = https://www.lanereport.com/14677/2008/10/abb-signs-agreement-to-purchase-kuhlman-electric-corp/ |title = ABB Signs Agreement to Purchase Kuhlman Electric Corp |work=Lane Report |date = 1 October 2008}}</ref> In November 2008, ABB acquired Ber-Mac Electrical and Instrumentation to expand its presence in Western Canada's oil and gas industries.<ref>{{cite web |url = https://www.automation.com/en-us/articles/2008-2/abb-acquires-ber-mac-electrical-and-instrumentatio |title = ABB acquires Ber-Mac Electrical and Instrumentation |website=Automation |date = 12 November 2008}}</ref>