ABB to take $850 million charge, slash costs as orders weaken
December 19, 2008 at 04:52 AM EST
MADRID (MarketWatch) - Swiss engineering group, ABB Ltd., said Friday that it will take an $850 million charge in the fourth quarter to help cover costs of a regulatory probe in the U.S. and Europe, and announced a $1 billion cost-cutting program to compensate for a weaker global market.