ABB has had a rough 12 months. The Switzerland-headquartered power and automation technologies conglomerate was faced with the worst operating environment for its businesses in 20 years. It was making heavy losses and was also saddled with an increasing asbestos liability at US subsidiary Combustion Engineering.
On top of that, it was far too reliant on short-term debt. This was the result of a series of acquisitions made during the bull market funded with commercial paper.
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