ABB 6-K 2006
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2006
Commission File Number 001-16429
(Translation of registrants name into English)
P.O. Box 1831, Affolternstrasse 44, CH-8050, Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indication by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
is marked, indicate below the file number assigned to the registrant in
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This Form 6-K consists of the following:
1. Announcements regarding transactions in ABBs registered shares, par value CHF 2.50 per share, and securities convertible or exchangeable into registered shares, made by the directors or members of the Executive Committee of ABB Ltd during the fiscal quarter ended March 31, 2006; and
2. Press release issued by ABB Ltd dated April 1, 2006, regarding the finalized asbestos plan for an ABB subsidiary in the U.S.
ABB Ltd announces that the following member of the Executive Committee has been granted warrants convertible into ABBs registered shares, par value CHF 2.50 per share, in the following amounts:
(1)Warrants granted to Ulla Jonsson, the spouse of Anders Jonsson.
ABB Ltd announces that the following member of the Executive Committee has sold warrants convertible into ABBs registered shares, in the following amounts:
ABB Ltd announces that the following members of the Executive Committee have been granted ABBs registered shares under the 2004 launch of ABBs performance incentive share plan in the following amounts:
Asbestos plan finalized for ABB subsidiary in U.S.
No objections filed in appeal period, CE Settlement Trust to be activated
Zurich, Switzerland, April 1, 2006 ABB, the leading power and automation technology group, said today no appeals have been filed with the U.S. District Court opposing a revised Plan of Reorganization for its U.S. subsidiary, Combustion Engineering (CE), which means the plan is now final.
This is a milestone in the history of ABB, said ABB President and CEO, Fred Kindle. We are very glad to have a resolution of this important issue, which removes significant uncertainty that has harmed ABB over the years. The finalized plan brings benefits to both ABB and asbestos claimants.
The finalization of the CE Plan of Reorganization clears the way for asbestos claimants to receive payments from the trust to be set up in accordance with the Plan of Reorganization once it becomes effective.
The plans channeling injunction will protect ABB and its subsidiaries from current and future asbestos claims against CE. ABB has committed cash and other assets worth approximately $1.43 billion to pay settled asbestos claims against CE.
The District Courts final order ends a process which began on February 17, 2003, when CE filed for pre-packaged Chapter 11 protection in U.S. bankruptcy courts.
A much smaller number of asbestos claims against another U.S. subsidiary - ABB Lummus Global Inc. - are in the process of being resolved. In September 2005, claimants to the Lummus Plan of Reorganization voted 96 percent in favor of the plan. ABB expects to file the Lummus Chapter 11 Plan of Reorganization in the very near future.
From the time ABB acquired CE in January 1990 until CE filed for Chapter 11 in February 2003, CE settled approximately 438,000 claims, many of them without payment, and paid out approximately $1.1 billion to claimants.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 104,000 people.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.