ABB sells car leasing business for $18.5 mln

Newswire

ZURICH, March 26 (Reuters) - Indebted Swiss engineering firm ABB said on Wednesday it would sell the car leasing business of ABB Export Bank to Swiss firm Auto-Interleasing AG for $18.5 million as part of its divestment programme. ABB is focusing on power and automation technologies in an effort to return to profitability after a $787 million loss last year and to cut its total debt to $6.5 billion by end-2003 from close to $8 billion at the end of 2002. Proceeds from the sale, expected ...

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