ABB Group, the leading power and automation technology group has signed an agreement for office space in HQ which is a part of world-class portfolio of commercial properties managed by Aldar. The move is aimed to strengthen its position and push growth by tapping opportunities present in the local market.

The Swiss factory robot and electrical equipment maker, ABB Ltd, agreed to acquire Baldor Electric Co. for a sum of nearly three decimal one billion dollars, paying in cash for its expansion in the market of North America for drives and industrial motors.

It was stated by the Swiss engineering group ABB, on Tuesday that it is planning to buy British-based power supply Company Chloride for 860 million Pounds or $1.25 billion.

The maker of power transmission and industrial automation equipment, ABB Group earned profits over $1 billion, which is up by 12 percent in the third quarter.

The European Commission, after claiming six companies to have taken part in a power transformer cartel, fined them a total 67.6 million Euros ($99.4 million) on Wednesday.