Word: abbes
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...Then ABB cried poverty, telling the development agency, "If you rescind the tax exemption, we'll owe $1.2 million in taxes, which we can't afford...
...ABB illustrates another corporate-welfare story that TIME encountered repeatedly. After failing to keep a facility up to date, a company claims a plant is "archaic" and threatens to close it unless government officials come up with incentives to help pay for modernization. That is what happened in Louisville, Ky., where a much larger conglomerate, General Electric Co., said that to meet profit goals, its plant had to be modernized--with taxpayer dollars. This from a company that appears at the top of the lists of the "best managed" corporations in America, whose revenue last year reached $91 billion...
...assessment was like Barnevik himself: analytical, quick, blunt and, above all, global. As chairman of ABB Asea Brown Boveri, the world's largest electrical-engineering group, Barnevik, 57, presides over a $36 billion federation of more than 1,000 companies with 217,000 employees in 140 countries. Zurich-based ABB is the biggest single investor in Eastern Europe and the former Soviet Union, a Western pioneer in India and an aggressive player in East Asia and Latin America. For three years running it was voted "Europe's most respected company" in a poll of executives by the Financial Times newspaper...
Last month Barnevik gave up the title of chief executive officer he had held since he created ABB in 1988 by fusing Sweden's Asea with Switzerland's BBC Brown Boveri. Though he will remain a strong presence at ABB, the move will give him time to preach his gospel of East-West economic cooperation to skeptical politicians, labor leaders and business executives. "This is something very close to my heart," he says. "If we can combine the low wages in the East with the high skills in the West, we can revitalize Europe." Barnevik believes the West...
...completed the ABB merger, Europe's biggest cross-border deal, in six weeks, following a key Barnevik rule: act fast, even at the risk of making mistakes. Or as the ABB "bible" he inspired puts it, "Not to take action is the only nonacceptable behavior...