ABB is leaving the repair shop after transitional year - CEO

John Revill, Oliver Hirt for Reuters:  Swiss engineering group ABB (ABBN.S) aims to take advantage of improving market conditions and its own transformation into a simpler company this year after navigating a “transitional” 2017, Chief Executive Ulrich Spiesshofer told Reuters.

The company, which makes products ranging from industrial robots to power grids, has fought off an activist investor who wanted to break it up as well as a sustained downturn in markets like mining and oil and gas.

It has responded by cutting costs, simplifying its structure, and ditching fringe businesses. Profitability declined slightly in the first nine months of 2017 while sales rose 2 percent, and its stock reached a nine-year high.

“The last couple of years ABB was in the repair shop and now we are coming out. With political stability and digitalisation we have positive conditions and a better platform to participate in the upturn,” Spiesshofer said in an interview at the company’s Zurich headquarters.  See full Q&A:

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Robotmaster® 2024

Robotmaster® 2024

Program multi-robot cells and automatically solve robotic errors with ease. Hypertherm Associates announces a new version to its robotic programming software. Robotmaster 2024 addresses key market trends including the support for programming multiple robots in a single work cell and the demand for automatic trajectory optimization and robotic error correction.