A foundation set up by ABB to honor the achievements of the former chairman and CEO, Jürgen Dormann, has now been formally established in Baden (Switzerland) and will offer scholarships, starting in 2008, to talented engineering students in different parts of the world who need financial support to enable them to study. ABB announced in May 2007 that it would set up the not-for-profit foundation with total funding of 20 million Swiss francs ($16.6 million).

“We are now working to establish partnerships with universities and colleges of higher education in a number of countries [like Brazil, China, Egypt, India and Poland in the first year]”, said Gary Steel, chairman of the Foundation’s board, which includes Rene Cotting (ABB), Ravi Uppal (ABB), Peter Terwiesch (ABB) and Nina Thornhill (Imperial College). “We will work together with them to select suitable students.” The application process for scholarships is expected to begin in two to three months’ time, reveals the company’s press release. About 50 students are expected to benefit from the scholarships in the first five-year period.

In addition to their scholarships, successful students will be invited to attend regional and international events, hosted by ABB, and will be allocated a local ABB mentor. They will also have the opportunity for paid internships with ABB during vacations and – depending on their performance and personal wishes – the possibility of ABB employment at the end of their studies. "The scholarships represent a tremendous opportunity for the right candidates – the students will benefit not only from financial support, but also from the expertise and guidance of a company like ABB”, stated Steel.