Swiss engineering firm, ABB, has announced a $1.2bn (£745m) asbestos liability package for its combustion unit.

The package has been drawn up to shield it from any future claims.

ABB finance director Peter Voser said the deal should close the asbestos issue.

The $1.2bn liabilities would be in place to cover current and future claims for all ABB units.

Analysts told the BBC that the deal was at the lower end of expectations but would still result in losses on ABB's balance sheet.

Topics