Europe's biggest electrical engineering company, ABB, says it will double its reserves to help pay for some 94,000 asbestos claims in the United States. Share prices fell sharply on the news.

Bloomberg Business News reports the Swiss-based company has set aside almost $1 billion to pay for lawsuits by people who say they got sick from asbestos material that was produced by a former unit of ABB.

Some information for this report provided by Bloomberg.

Email this article to a friend
Printer Friendly Version