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ABB Unit Finalizes Plan For Asbestos Claims

Law360 (April 3, 2006, 12:00 AM EDT) -- A reorganization plan has been finalized for the Swiss/Swedish technology group ABB Ltd. and its U.S. unit Combustion Engineering Inc., concluding years of legal wrangling involving asbestos-related charges.

"This is a milestone in the history of ABB," said ABB president and CEO, Fred Kindle, in a statement. "We are very glad to have a resolution of this important issue, which removes significant uncertainty that has harmed ABB over the years. The finalized plan brings benefits to both ABB and asbestos claimants."

According to ABB, no party had filed any appeals in the U.S. District Court for the District of Delaware opposing...

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