ABB extends tender offer date for outstanding shares of Baldor

ZURICH, Switzerland and FORT SMITH, AR, Jan. 11, 2011 (Press Release) - ABB Ltd the leading power and automation technology group, and Baldor Electric Company announced today that ABB's subsidiary Brock Acquisition Corporation has extended the expiration date for its tender offer for all of the outstanding shares of common stock of Baldor at a price of $63.50 per share net to the holder in cash, without interest and less any required withholding taxes, until 5:00 p.m., New York City time, on Wednesday, January 19, 2011. The offer had previously been scheduled to expire on January 10, 2011.

The closing of the tender offer is subject to customary terms and conditions, including regulatory clearances.

As previously announced on December 21, 2010, the Antitrust Division of the United States Department of Justice (DOJ) issued requests for additional information and documentary material ("Second Request") in connection with its review of ABB's pending acquisition of Baldor. ABB and Baldor continue to believe that the DOJ issued the requests in order to give itself additional time to complete its review of the transaction. Both parties remain confident that the DOJ will conclude that the transaction raises no antitrust concerns. While a definitive closing date cannot yet be determined, ABB and Baldor maintain their expectation that the transaction will close in the first quarter of 2011. The closing conditions relating to Austrian, German and Canadian antitrust clearances have been satisfied.

The offer is being made in accordance with the terms and conditions of a merger agreement entered into between ABB and Baldor as of November 29, 2010.

At the close of business on January 10, 2011, a total of approximately 40,970,885 shares of common stock of Baldor, which represent 86.38% of the 47,429,863 outstanding shares, have been tendered and not withdrawn pursuant to the tender offer.