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ABB plans to sell oil and gas divisionTroubled European engineering company ABB has placed its oil, gas and petrochemical division up for auction in order to save the company from bankruptcy. It will re-organise the company to focus on power technologies and automation technologies and lower its costs base. The Swiss-based company will be selling its oil and gas division, which supplies subsea systems, processing modules, deepwater production systems and downhole technologies around the world. Lummus Global in Surrey, and on the continent, is probably the best known part of this division. Several companies have approached ABB in order to seek the division's participation in industry consolidation. The division employs 12,000 people and had revenues of $3.5bn in 2001. ABB hopes to reduce company debt by $1.5bn by the end of the year from $4.1bn at the start of 2002. |