ABB takes stake in Paperloop portal

Technology group ABB is to team up with online paper industry e-marketplace PaperLoop.com to develop a web portal for the pulp and paper industry, as the latest stage of an extensive e-business strategy. ABB is the world’s largest supplier of automation products to the pulp and paper industry. It is also the first leading supplier […]

Technology group ABB is to team up with online paper industry e-marketplace PaperLoop.com to develop a web portal for the pulp and paper industry, as the latest stage of an extensive e-business strategy.

ABB is the world’s largest supplier of automation products to the pulp and paper industry. It is also the first leading supplier to take a stake in the third-party online marketplace, which is a 50:50 joint venture between UK Publisher United News and Media and venture capital firm Pegasus Capital.

PaperLoop.com allows paper manufacturers, converters, printers, suppliers and users with content on the operational, technical and strategic aspects of their business.

Tim Fazio, chief executive officer of PaperLoop.com said: `The alliance will add substantial new revenue streams to an already robust and diverse business model that includes content monetisation and transaction fees.’

Jorgen Centerman, executive vice-president and head of ABB’s automation arm added: `ABB has adopted an aggressive strategy to develop its e-business capabilities.’

ABB plans to offer 30% of its standard products across its full range of businesses over the internet by the end of this year, and all its standard products by the end of 2001. The group also serves customers in the power transmission and distribution industries, oil, gas and petrochemicals, building technology and financial services.

The company employs 165.000 people in 100 countries.

www.abb.co.uk

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