ABB Awarded Contract
Swiss engineering firm ABB, Ltd (NYSE: ABB – $18.46) said it has won a $100 million order from Mass Global Holding to deliver a gas-insulated switchgear substation that will help integrate 3,000 megawatts electricity generated by a combined cycle power plant, utilizing Iraq’s natural gas resources. The substation will strengthen the grid and supply reliable power to a key development project in the region. ABB said it will be responsible for the design, engineering, supply, installation and commissioning of the transmission and distribution substation excluding civil works and will be the largest substation in Iraq, equipped with gas-insulated switchgear. Zurich-based ABB has struggled over the past year pointing to slow global growth in many of its markets, especially in China and Europe. However, the good-quality shares can be held for recovery and the generous dividend, yielding 4.2%, mitigates the wait.