ABB has targeted another US$800 million in cost reductions in the next 18 months, but did not elaborate on the extent of job losses in that stage of the group's restructuring.
It said it planned to sell its oil and gas division to raise cash to reduce its debt level.
The company is reorganising into three divisions from the five it currently has, leaving it with its Power Technologies, Automation Technologies and the Oil, Gas and Petrochemicals (OGP) businesses.
OGP alone employs around 12,000 people and had revenues of $3.5bn in 2001. ABB had already announced the sale of its Building Systems activities for 2003 and an investment portfolio of some $600m will also be sold.
