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☆ Engineering Group ABB unveils higher sales and profitability targets
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The logo of ABB is seen at an office building in Zurich, Switzerland September 10, 2020. The goals, announced ahead of ABB's investor day in Italy, were an upgrade from the previous annual revenue growth target of 4% to 7%. Most of the sales will come from internal growth, ABB said, with an expected five to seven percentage points of extra revenue, while an additional one to two percentage points is expected from acquisitions. ABB, which supplies industry and transportation networks with robots, electrification equipment and motors, also raised its core profitability target to a range of 16% to 19%. The International Monetary Fund recently downgraded its forecast for global growth for next year, with advanced economies expected to significantly slow as interest rates rise.

Persons: Arnd, France's Schneider, Bjorn Rosengren, John Revill, Tom Hogue, Jacqueline Wong Organizations: ABB, REUTERS, Rights, Germany's Siemens, Monetary Fund, Thomson Locations: Zurich, Switzerland, Swiss, Italy, Frosinone

☆ ABB flags slowdown in fourth-quarter revenue, shares slide
▼ + stars: | 2023-10-18 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

The logo of Swiss power technology and automation group ABB is seen during the company's annual news conference in Zurich, Switzerland February 28, 2019. ABB said it anticipated low- to mid-single digit comparable revenue growth in the fourth quarter after reporting a comparable 11% increase in the third quarter. "Orders in China declined at a low single-digit comparable growth rate particularly hampered by weakness in robotics and construction demand," said Chief Executive Bjorn Rosengren in a statement. For the full year 2023, the group said it expected comparable revenue growth to be in the low double-digit percentage range, and an operational margin to be in the range of 16.5% to 17.0%. Previously it had said it expected revenue growth of at least 10% and an operational margin above 16%.

Persons: Arnd, France's Schneider, ABB's, Bjorn Rosengren, Noele Illien, Rachel More, Tomasz Janowski Organizations: ABB, REUTERS, Rights, Germany's Siemens, Thomson Locations: Swiss, Zurich, Switzerland, China, United States, India, Asia, Europe

“He’s just got a great command of the offense.”Michigan beat Minnesota on the road for the 18th straight time. The Wolverines have beaten the Gophers (3-3, 1-2) for the Little Brown Jug trophy 43 times in their last 47 matchups. This was Michigan's largest margin of victory in a Big Ten game since beating Rutgers 52-0 in 2019. Ohio State has the three longest Big Ten winning streaks in league history, including the 30-game record-setter from 2012-2015. The last conference loss for the Wolverines was to rival Michigan State on Oct. 30, 2021.

Persons: — Will Johnson, “, Jim Harbaugh, J.J, McCarthy, ” Harbaugh, “ He’s, Sabb, Athan Kaliakmanis, Jack Tuttle, Jayden Denegal, Daniel Jackson, Kaliakmanis, Jackson, Johnson, Harbaugh, Minnesota's, Blake Corum, Leon Franklin, ” McCarthy, —, Mason Graham, ” Graham, ”, P.J, Fleck, they've, ” Johnson, Darius Taylor, " Fleck Organizations: Gophers, Michigan, Minnesota, Wolverines, Cincinnati, Rutgers, Ohio State, Michigan outgained, FBS, Illinois, ” Gophers, ”, The Gophers, Big, Michigan State, Penn State, Big Ten, “, AP Locations: MINNEAPOLIS, Michigan, Michigan outgained Minnesota, Minnesota, Jhost Indiana, . Minnesota, Iowa

☆ ABB says $280 million investment in Sweden robotics facility is 'very exciting'
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailABB says $280 million investment in Sweden robotics facility is 'very exciting'Sami Atiya, president of ABB's Robotics and Discrete Automation division discusses the firm's plans on tech, artificial intelligence and innovation.

Persons: Atiya Organizations: ABB, ABB's Robotics Locations: Sweden

☆ ABB invests in US robot factory as reshoring trend hots up
▼ + stars: | 2023-03-16 | by ( John Revill | ) www.reuters.com time to read: +3 min

ZURICH, March 15 (Reuters) - ABB (ABBN.S) is expanding its main US robot factory as its customers there in the automotive, packaging and machinery industries confront a tight labour market as they bring production back home. The United States is the third largest in the global robotics market, which is worth around $50 billion per year according to estimates by ABB and the International Federation of Robotics (IFR). Rapid growth is expected as US companies bring production closer to home to avoid logistic log jams which have gummed up supply chains since the global pandemic. A survey by ABB last year showed 70% of North American businesses suffered supply chain disruptions in the last year. "The potential for growth in the industrial robots market is huge," Atiya said.

☆ ABB sells its power conversion division for $505 million
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 20 (Reuters) - ABB (ABBN.S) has sold its power conversion business to AcBel Polytech Inc (6282.TW) for $505 million, the Swiss engineering and technology company said on Friday. ABB said it expects to make a small non-operational book gain from the sale of the United-States-based Power Conversion business, which provides products for telecoms, data centres and general industry. Chief Executive Bjorn Rosengren said he was "delighted" with the deal which completed divisional portfolio divestments announced by ABB at the end of 2020. Power Conversion was acquired by ABB as part of the GE Industrial Solutions acquisition in 2018 and was not core to ABB, the company said. It generated revenues of approximately $440 million and income from operations of approximately $50 million in 2022.

DAVOS, Switzerland, Jan 18 (Reuters) - Heavy electrical company ABB Ltd (ABBN.S) Chairman Peter Voser sees his firm acquiring between five to 10 small-to-medium enterprises a year to add to the company's organic business, he said on Monday. "Each division of ABB should be active in organic and inorganic strategies, which would see ABB acquiring between five to 10 small-to-medium business every year," Voser told the Reuters Global Markets Forum on the sidelines of the World Economic Forum's annual meeting at Davos. Zurich-based ABB raised around 200 million Swiss francs in November, which at the time was around $209 million, from selling an 8% stake in its EV charging business. "We are constantly looking at both opportunities of further private placements and/or floating, but we are under no pressure," Voser said. That's fair to say, given the population and the economies there, but I wouldn't underestimate the growth potential in the U.S.," Voser said.

☆ The worst is over for the global chip shortage, ABB chairman says: 'I'm quite optimistic'
▼ + stars: | 2023-01-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

The global shortage of semiconductors is "being sorted out" after years of disruptions to supply chains that made them a scarce resource, according to the chairman of Swedish-Swiss tech and engineering giant ABB . I think global growth slowdown has helped on this as well, and now for the future I'm quite optimistic." 2022 was deeply challenging for ABB, Voser said, with the coronavirus in China and its related disruptions to global trade hitting the company hard. "I think with the global CHIPS act in U.S., investments in Europe, we will see more. Most probably, we are going into a capacity overhang pretty soon if the economy grows slower than anticipated," the ABB chairman said.

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