ABB to Take $325 Million Provision in 3Q for Kusile Issues
30 September 2022 - 9:11AM
Dow Jones News
By Ed Frankl
ABB Ltd. said Friday that it will take a $325 million
third-quarter provision regarding remaining matters related to the
Kusile power-station project in South Africa.
The Switzerland-based engineering company previously agreed to
pay around $100 million in 2020 to power company Eskom to settle a
probe into improper payments and compliance issues over the
coal-fired power plant about 100 kilometers--roughly 60 miles--west
of Johannesburg
ABB said it will now take a $325 million nonoperational
provision, which will be reflected in income from operations in the
third quarter, with a similar cash-flow impact expected in
subsequent quarters.
It said it will continue to cooperate fully with the respective
authorities and hopes to reach a final settlement in the near
term.
However, the company said it doesn't believe it will need to
take any further material provisions related to Kusile.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
September 30, 2022 02:56 ET (06:56 GMT)
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