ABB South Africa sells 20% share of local group operation
November 2002
News
ABB in South Africa, part of the international power and automation technology group, has announced that it has concluded a partnership with Women's Investment Portfolio Holdings (WIPHOLD), a women-run and managed financial services group, to sell it a 20% share of the local holding company.
The agreement will give WIPHOLD Private Equity a 20% share of ABB's holding company that includes a 10% share of ABB Powertech Transformers, a joint venture between ABB and Powertech.
"ABB has been in the forefront of Black Economic Empowerment (BEE) and has launched a number of companies in the electrical industry with some 25% of its more than 2000 employees now working for these companies. We wish to further increase our BEE profile and at the same time pave the way for greater empowerment of black women in the electrical power industry," says Carlos Pone, president and group representative of ABB South Africa.
WIPHOLD will be represented on the ABB South Africa board and will participate in various operational committees, including auditing, employment equity and sustainability development. "We have chosen WIPHOLD because of its excellent standing in the marketplace and believe that there are many mutual benefits to be gained in the partnership," says Pone.
"For some time now we have been looking at ABB South Africa and are comfortable with the company's solid track record, and its business philosophy," said Taurai Muranda, director of WIPHOLD Private Equity.
"At WIPHOLD we are dedicated to the empowerment of women, with the 18 000 rural women being the ultimate beneficiaries to the WIPHOLD Investment Trust. We are extremely excited to be working with ABB, a company that has contributed to growth and development in this country through direct foreign investment assisted by its global network," said Louisa Mojela, CEO of WIPHOLD.
For more information contact Chesney Bradshaw, ABB Holdings, 011 236 7578, [email protected], www.abb.com/automation, Nombini Mehlomakulu, WIPHOLD, 011 715 3500.
Further reading:
Pump spares and parts for Africa
News
KSB Pumps and Valves explains how its decentralised stockholding and local manufacturing keep spares and parts available across its installed base in Africa.
Read more...
Local energy solutions rewiring resilience across Africa
News Fieldbus & Industrial Networking
Engineers across Africa are developing practical, scalable energy and mobility solutions supported by the Africa Prize for Engineering Innovation.
Read more...
The gender gap in SA’s engineering sector
News
South Africa’s engineering sector is facing a critical gender imbalance, with women making up just 16% of registered engineering professionals compared to 84% of men.
Read more...
Safe removal of the historic US 181
News
Mammoet provided the heavy-lift expertise that helped remove the 2300 ton centre span of the historic US 181 Harbor Bridge in Corpus Christi, Texas, using a precision lift-and-lower method that protected nearby marine environments and reopened navigation channels swiftly.
Read more...
Going Green initiative sees African Group Lubricants adopt electric forklift fleet
News
African Group Lubricants is transitioning most of its forklift fleet to electric power, a move expected to cut diesel consumption by around 85% and improve conditions across its manufacturing facility while delivering a positive return on investment in the near term.
Read more...
Africa Energy Indaba 2027 aims to ignite the power revolution
News
Africa Energy Indaba 2027 takes place from 2 to 4 March 2027 at the Cape Town International Convention Centre, bringing together ministers, utilities, investors and developers to accelerate energy generation, unlock investment and drive the continent’s industrial future.
Read more...
Major bearing tender for SKF
SKF South Africa
News
SKF has secured a major bearing supply tender from an Algerian steelmaker, reinforcing its position in the metals segment across North Africa.
Read more...
Mining’s decarbonisation journey requires putting ESG commitments into action
Schneider Electric South Africa
News
Schneider Electric specialists explain how mining and heavy industry can turn environmental, social and governance commitments into measurable decarbonisation results.
Read more...
Closing the energy efficiency gap at SKF’s Tech & Innovation Summit
SKF South Africa
News
SKF is hosting its yearly virtual Tech & Innovation Summit, bringing together industry leaders and experts to showcase technologies, products and solutions designed to help close the energy efficiency gap in industrial operations.
Read more...
From the editor's desk: The science of copying nature
Technews Publishing (SA Instrumentation & Control)
News
Some extreme weather we experienced recently has left me looking at nature with renewed awe. It also made me think about the inventions that we use every day that have been inspired by nature, especially
...
Read more...
printer friendly version