Leading power and automation technology group, and the world''s largest maker of factory robotic equipment, ABB Ltd, the world''s largest maker of factory robots, will divest its Lummus Global business to Chicago Bridge & Iron Company (CB&I) for an enterprise value of $950 million.

The sale is subject to regulatory approvals and approval by CB&I''s shareholders.

Under the terms of the agreement, Netherlands-based CB&I will purchase the entire Lummus Global business. Lummus Global employs about 2,400 people and reported revenues of $988 million in 2006.

CB&I is a builder of liquid natural gas terminals and other facilities for natural-resources development. It says it is funding the purchase through a combination of cash and debt and a possible issuance of common stock following the acquisition.

"The divestment of Lummus Global is the final milestone in our strategy of focusing on our highly successful core business in power and automation technology," said Fred Kindle, ABB president and CEO.

"At the same time, we are pleased that CB&I is taking over our Lummus Global business. They are an experienced engineering, procurement and construction company and are therefore in a very good position to further develop Lummus Global''s market activities and operations."

The division nearly felled the Swiss company to its knees in 2002, when it faced thousands of inherited asbestos claims and losses of almost $2 billion over a four-year period. ABB said it discovered ``certain suspect payments'''' associated with Lummus in a number of countries and reported them to the US Department of Justice and Securities and Exchange Commission.

ABB resolved the bulk of its asbestos claims at its combustion engineering division last year with a $1.43-billion settlement plan. Lummus filed for bankruptcy in 2006 to resolve remaining actions and ABB had said it would sell the business ``when market and other conditions'''' were appropriate.

ABB said it retains "liability for potential fines and penalties" associated with Lummus after it "discovered certain suspect payments in a number of countries." ABB has reported the payments to the US Department of Justice and the Securities and Exchange Commission and said it is "fully cooperating with the authorities."

Kindle plans to expand ABB through acquisitions after his predecessor Juergen Dormann and he brought back the company to profitability by cutting 45,000 jobs and selling units from financial services to wind energy.

In recent years, the ABB Group has been focusing on its strengths in power and automation technologies. ABB''s successful core automation and power businesses remain committed to the oil and gas sector and will maintain and develop their long-standing relationships with key customers.

In December kindle said that ABB had ``several'''' billion dollars to spend on acquisitions and last month said the company is continuing to assess its opportunities. The proceeds from the sale would add to ABB''s cash pile, which is expected to grow to as much as $8.6 billion by the end of 2007, analysts

Lummus Global is a leading provider of proprietary process technologies, project management and engineering, procurement and construction (EPC) management services to the upstream and downstream oil and gas, petrochemical and refining industries worldwide.

CB&I executes more than 500 projects each year and is one of the world''s leading engineering, procurement and construction (EPC) companies.