ABB Business Hits Record High Amid Upgrading

by swisscham in Engineering, Manufacturing

ABB Group’s business reached a new high in China last year, as the global power and engineering technologies supplier underwent its biggest expansion amid China’s industrial upgrading boom. Both orders and revenue of ABB China, the Chinese unit of the Swiss-Swedish group, reached USD 5.6 billion in 2013. Its revenue growth rose 7.7% from the previous year. ABB invested USD 136 million in the country last year. Its cumulative China investment has reached USD 1.8 billion. Gu Chunyuan, senior vice-president of ABB Group, said China’s national development strategy now emphasizes quality economic growth as well as “green”, low-carbon and sustainable development. ABB is willing to participate in China’s ultra-high voltage power transmission and new energy vehicle projects, as well as providing more industrial robots to optimize the nation’s manufacturing structure. China’s surging wealth accumulation and fast ongoing urbanization pace have caused labor-intensive industries to struggle as they face a myriad of difficulties, such as recruitment problems and high employee turnover rates, especially in the country’s communication and consumer electronics product manufacturing sectors.

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