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ABB Ltd

ABB Ltd

Industry: 
Engineering
Value of USG Contracts: 
294
Symbol: 
NYSE:ABB
States: 
NC
Country: 
Switzerland
Contact Information: 
Sources: 

"Iran’s minister of energy has said two Swedish tech companies will participate in Iran’s power sector in framework of knowledge and technology transfer deals. Hamid Chitchian and Swedish Energy Minister Ibrahim Baylan met on Saturday in Tehran where they discussed the prospects of bilateral cooperation in energy sector. Mr. Chitchian hailed years of good relations between Iran and Sweden and said that however sanctions had stymied the process; 'with the removal of sanctions, Swedish famous companies ABB and Ericsson, two prestigious firms in energy and electricity, would participate in Iran’s energy projects as transferring technology,' he told the Swedish minister. 'Iran produces an annual sum of 74,000mW, with projected growth of 6-7 per cent during next 10 years which will add another staggering 50,000mW to the current capacity.' Chitchian told Swedish minister that private sector had contributed to almost half of Iran’s power plant capacities; 'we welcome Swedish cooperation in deals which guarantees technology transfer; we predict 5 million smart devices to be used by users and Swedish Ericsson would contribute to Iran’s data transfer sector,' said the minister. 'We also welcome single-mode production of energy or Cogeneration or combined heat and power (CHP).'" (Mehr News Agency, “Swedish firms to work in Iran’s power sector,” 4/23/2016)

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"California’s department of general services, which awards its public contracts, has contacted more than 150 companies seeking clarification regarding Iran. The companies include... ABB, the Swiss electrical engineering group. ABB said it had adopted new policies regarding Iran: a statement on its website says that in May 2011 it 'decided to complete its exit from all business in the oil and gas sector in Iran by the end of September.'" (Financial Times. "California tightens screw on trade with Iran," 6/27/11)

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"In an October 2008 filing with the Securities and Exchange Commission, ABB said it did $372 million in business with Iran from 05-07, and a smaller amount to Syria, primarily selling products like power generation equipment and semiconductors. This January, the company announced it had stopped taking orders for new business and was winding down work on existing contracts." The company received $266.5 million in revenue and benefits from the US government between 2000 and 2009. Their business in Iran is active but they have not had any new investments. (New York Times, "Profiting from Iran, and the US" 3/6/2010)

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“Swiss engineering group ABB AG has stopped taking new orders in Iran with a view to ending operations there, a spokesman said on Sunday, confirming a newspaper report.‘It's been some time since we've taken any new orders,’ ABB spokesman Wolfram Eberhard said, adding the company had stopped doing so more than 12 months ago. "We're finishing up old contracts."He said ABB now employed some 30 people in Iran, down from 100, and that many of its contracts had been for infrastructure projects and had run into financing difficulties. He said he had no exact date for when all business would be finished.” (Reuters, “ABB, other Swiss firms halting Iran business,” 1/31/10)

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New York State Comptroller Thomas P. DiNapoli also announced Tuesday the $110 billion fund would freeze an additional $300 million in seven other companies...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries. "We don't expect our investments to benefit regimes that support genocide and terrorism," said DiNapoli...The fund also plans to monitor and prohibit further investment in ENI (E), Repsol YPF (REP), Royal Dutch Shell PLC (RDSA), Total SA (TOT), ABB Ltd. (ABB), Alstom (ALO.FR) and Snam Rete Gas (SNMRY). Additionally, it plans to focus on other industries including telecommunications. (Wall Street Journal, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09 and The Office of New York State Comptroller Thomas P. DiNapoli)

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A source familiar with the naughty list says both ABB, a Swiss engineering giant that does business in Iran, and the China National Petroleum Corp., which operates in Sudan, are included. (TIME, "Rules of Disengagement," 5/12/08)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from Internet in July 2007)

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"The blacklist is based on latest annual reports of the companies. They are mostly non-U.S. and include Unilever, Cadbury,HSBC, Nokia, Siemens and Total, as well as the second biggest Swiss bank, Credit Suisse, the agrochemical firm, Syngenta, and the engineering group, ABB... For its part, ABB said an "information offensive" was needed to explain its position to investors. The engineering group has been doing business with Iran, according to the SEC list... ABB's business activities with Iran will continue but account for less than 1 percent of the company's sales, according to spokesman Wolfram Eberhardt." (Xinhua, " Swiss Company Irritated Over U.S. Blacklist," 7/2/07)

Response: 

In January 2010, ABB "announced it had stopped taking orders for new business and was winding down work on existing contracts... Their business in Iran is active but they have not had any new investments." (New York Times, "Profiting from Iran, and the US" 3/6/2010)