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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

☆ JFK airport's new terminal will be powered by a microgrid and the largest rooftop solar array in New York City
▼ + stars: | 2023-01-26 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +3 min

A new terminal at New York's JFK will be partly powered by a microgrid, batteries, and fuel cells. John F. Kennedy International Airport's $9.5 billion New Terminal One will be partly powered by a microgrid with 11.34 megawatts of electricity from rooftop solar, gas fuel cells, and battery storage. A system that captures waste heat from the fuel cells will chill and warm water. The rooftop solar array — made up of more than 13,000 panels — will be the largest in New York City and at any US airport terminal, AlphaStruxure said. Installing fuel cells, instead of diesel generators, is estimated to reduce emissions of nitrogen oxide, a toxic air pollutant, by 98%, Macias added.

☆ Aveva's shareholders accept Schneider's $12 bln software takeover
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 25 (Reuters) - France's Schneider Electric (SCHN.PA) won control of Aveva (AVV.L), one of Britain's biggest tech companies, on Friday after minority shareholders approved an offer valuing the industrial software firm at 9.9 billion pounds ($11.9 billion). read moreThe successful bid will leave only a handful of large tech companies listed in London. Shares in the company edged up 0.3% to 3,192 pence following the approval of the offer which was recommended by Aveva's board. Schneider took majority control of Aveva, one of Britain's biggest software companies, in a 2017 reverse takeover that allowed it to retain its London listing. ($1 = 0.8278 pounds)Reporting by Paul Sandle; editing by William James and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Siemens Q4 profit beats view; sees persistent demand for hardware, software
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 17 (Reuters) - German engineering and technology group Siemens (SIEGn.DE) posted a better-than-expected fourth-quarter profit for its industrial business on Thursday and said its factory hardware and software continued to witness strong demand. This made the maker of trains, and industrial software confident for the future, saying it expected revenues to grow by 6% to 9% during its 2023 fiscal year. "Strong demand continues for our hardware and software offerings, including higher than expected growth for our digital business revenue," Chief Executive Officer Roland Busch said. In the three months to Sept. 30, Siemens's industrial profit rose 38% to 3.16 billion euros ($3.28 billion), beating forecasts for 2.79 billion euros in a company-gathered consensus of analysts. Sales increased 18% to 20.57 billion euros - ahead of 19.13 billion euros forecast, while orders during the period rose to a better than expected 21.82 billion euros.

☆ France's Schneider Electric raises Aveva buyout offer to $11.6 bln
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

Nov 11 (Reuters) - French industrial group Schneider Electric (SCHN.PA) has increased its offer for Aveva (AVV.L) to 3,225 pence per share, valuing the British software company at about 9.86 billion pounds ($11.62 billion), Aveva said on Friday. Schneider, which already owns a majority stake in the London-listed firm, in September offered to fully take over Aveva for 3,100 pence per share. Several Aveva investors had threatened to reject the previous offer, including top-five investor Davidson Kempner. The hedge fund said on Thursday the Schneider bid was "highly opportunistic" and it did not take into account Aveva's long-term potential. ($1 = 0.8485 pounds)Reporting by Yadarisa Shabong and Sinchita Mitra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ ABB reports record margin in Q3 as demand stays strong
▼ + stars: | 2022-10-20 | by ( John Revill | ) www.reuters.com time to read: +3 min

SummarySummary Companies Company says component supply problems easing furtherSays customer activity at a high levelExpects to reach operating profit margin goal one year earlyZURICH, Oct 20 (Reuters) - ABB (ABBN.S) posted its highest-ever quarterly profit margin during the third quarter as the engineering and technology company said customer demand remained strong. The maker of industrial drives and electric ship motors said on Thursday its core operating profit margin increased by 1.5 percentage points to 16.6%, the highest since the Swiss company was founded in 1988. The profit margin improvement brought the year to date figure to 15.5%, and meant ABB is likely to achieve its target of hitting 15% this year - one year early. "We delivered high order growth, a strong top-line development and a historically high margin," Chief Executive Bjorn Rosengren said in a statement. Rosengren's strategy has led to selling non-core businesses, like the mechanical power transmission business Dodge, and also spinning off its turbocharging business Accelleron to shareholders.

☆ Factbox: Companies sell their businesses in Russia
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +9 min

The logo of French tyre maker Michelin is seen at a company building in Boulogne-Billancourt, near Paris, France, August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoOct 10 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. Below is a list of firms by sector that have sold their businesses in Russia:AUTOS** British car distributor Inchcape (INCH.L) sold its Russian business to local managementRegister now for FREE unlimited access to Reuters.com Register** Italian truck and bus maker Iveco (IVG.MI) transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner** French tyre maker Michelin (MICP.PA) intends to transfer its activities in Russia to a new entity under local management by end-2022** French carmaker Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow** MAN Truck & Bus and Scania, units of German truck maker Traton (8TRA.DE), expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023BANKS** Britain's HSBC (HSBA.L) agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin** France's Societe Generale (SOGN.PA) sold its Russian business Rosbank (ROSB.MM) to Interros Capital, a firm linked to Russian oligarch Vladimir PotaninCONSUMER ELECTRONICS** Swedish home appliance maker Electrolux (ELUXb.ST) transferred its business in Russia to local management** Its Electrolux Professional (EPROb.ST) branch also sold its Russian business to local management** Whirlpool (WHR.N) sold its Russian operations to Turkey's Arcelik (ARCLK.IS)ELECTRICAL COMPONENTS & EQUIPMENT** Finland's Boreo (BOREO.HE) sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni** U.S. industrial firm Emerson Electric (EMR.N) agreed to sell its Russia business to the local management** Finnish elevator maker Kone (KNEBV.HE) expects to close the sale of its Russian business to local management in Q4 2022** France's Schneider Electric (SCHN.PA) expects to close the sale its Russian unit to local management by end-2022** U.S. elevator maker Otis (OTIS.N) sold its Russia business to local investment firm Ice DevelopmentENERGY** French industrial gases producer Air Liquide (AIRP.PA) agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia** Baker Hughes (BKR.O) agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022** Italian utility Enel (ENEI.MI) sold its 56.43% stake in Enel Russia to Lukoil (LKOH.MM) and private fund Gazprombank-Frezia** Norway's Equinor (EQNR.OL) transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft (ROSN.MM), and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft** U.S. oilfield services firm Halliburton (HAL.N) sold its Russia operations to a management team made up of former employees** Oil major Shell (SHEL.L) sold its Russian retail and lubricants business to Lukoil** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis** Total Energies (TTEF.PA) sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner NovatekFOOD & BEVERAGES** Finland's Atria (ATRAV.HE) sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo (GCHE.MM)** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding** Irish ingredients giant Kerry Group (KYGa.I) sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator** Fast food chain McDonald's (MCD.N) sold its Russian business to its licensee Alexander Govor** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi** Yum Brands (YUM.N) sold its Pizza Hut business in Russia to a local operator** Finnish food processing firm Raisio (RAIVV.HE) sold its consumer business in Russia to Copacker Agro** Finnish dairy producer Valio sold its Russian business to GK VelkomINDUSTRIAL MACHINERY** Polish measuring devices maker Apator's (APTP.WA) Powogaz unit divested its entire stake in Russia-based AO Teplovodomer** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russi

☆ France's Schneider to buy remaining Aveva shares in 31 pounds/share offer
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Schneider Electric is seen outside a company building in Nantes, France, September 20, 2022. Schneider said its offer of 31 pounds represented a premium of around 41 percent to Aveva's closing share price of 21.92 pounds on August 23 - before Schneider first stated its intentions to consider a full buyout. It took majority control of Aveva in 2017 in a reverse takeover that enabled the British company to retain its London listing. Schneider added that any interim dividend of up to 13 pence per AVEVA Share would still be paid to AVEVA Shareholders without any reductions. ($1 = 0.8809 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Benoit Van Overstraeten and Paul Sandle; Editing by GV De Clercq/Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

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