ABB Ltd., a provider of power and automation technology announced on Jan. 27 that it completed its acquisition of Baldor Electric Co., a North American provider of industrial motors. The transaction, which was originally announced on November 30, 2010, was valued at $4.2 billion.
The addition of Baldor's 6,800 North American employees brings the number of ABB's employees in North America to approximately 17,000.
Baldor's leadership in high-efficiency industrial electric motors positions ABB to benefit from a projected 10%-15% growth in this business in the US in 2011 as a result of new energy regulations that were implemented in December 2010, an ABB statement said.
Ron Tucker, Baldor's CEO, will be responsible for running Baldor, including its mechanical power transmission products business, as well as ABB's North American motor and generator business. These businesses will be headquartered in Fort Smith, Arkansas, which is Baldor's current headquarters location. Baldor's former CEO, John McFarland, will remain with the company.