Eye Current

3 Billion dollars to Spend

Fred Kindle has $3 Billion and is looking for somewhere to spend it

ABB (ABBN.VX: Quote, Profile, Research) must do something with its cash pile of around $3 billion by 2008, the Swiss engineering group's Chief Executive Fred Kindle was quoted as saying by the Wall Street Journal on Monday. "We have to do something with the cash by 2008," Kindle said, according to an article on the Journal's web site. "I am an entrepreneur, not a fund manager," Kindle said. The newspaper said that he and other top ABB executives preferred to make an acquisition than repurchase stock.

"But if an acquisition doesn't work out right away, we can (use) our cash to grow organically -- and having cash certainly gives us flexibility."

ABB said in September it could afford to spend up to $15 billion on acquisitions. It said at its last strategy update that it saw acquisition opportunities in automation products.

Lots of folks wondering who they have their sights focused on?

posted by Ray L. @ 9:52 AM