ABB has listed its shares on the New York Stock Exchange, in a move aimed at supporting the company’s growth strategy.
‘We are moving to broaden our shareholder base in the United States,’ said president and ceo Jorgen Centerman, speaking of the company’s morning listing of American Depositary Shares (ADS) under the symbol ABB. ‘The listing supports our growth ambitions and allows us to better benchmark ourselves against competitors. If you want to be considered a truly global player, you’ve got to have a strong position in the US.’ With the listing, ABB will establish a procedure in which holders of its restricted American Depository Receipts (ADRs) may exchange them for new unrestricted ADSs. Four new ADSs will represent one registered share. Once the share split becomes effective, each new ADS will represent one ABB share.