Empower the industry: ABB wants to focus on growth

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“We […] ABB boss Björn Rosengren will present new targets at the “Neue Zürcher Zeitung”, on the Capital Markets Day in November. “The future focus will be primarily on growth organically and with acquisitions,” Rosengren told the newspaper on Saturday. “The new ABB is much more focused on industry.” Cooperation with governments can be difficult.

Rosengren said that 70 percent of ABB’s business is in growth mode and the goal is to reach 100 percent. The charging station business line, e-mobility, increased its order intake by almost three-quarters in the second quarter. There are two requirements for an e-mobility IPO: the business must be in good standing and the financial markets must be strong. “There’s no rush,” Rosengren says.

beneficiary of US subsidies

Overall, ABB recorded the strongest growth in the second quarter in North America. Government subsidy programs in the U.S. — such as lowering inflation or the Chips Act — have boosted investment. “This year we announced a $170 million investment in four factories in the United States,” Rosengren said. ABB benefits from US subsidies. And: The biggest investment demand triggered by global warming will come from North America.

The United States is doing exactly the right thing with its government subsidy programs. “I’m a little more critical of Europe,” Rosengren said. “Europe relies more on regulation than incentives.” ABB will invest where the company sees growth opportunities.

Rosengren said it is still difficult to do business in China, despite hopes for increased demand after the end of the lockdown. But financial incentives await in China as well. Because the government wants to achieve a 5 percent growth in gross domestic product this year. According to Rosengren, ABB employs more than 15,000 people in China.

(SDA)

Source :Blick