ABB announced together with the Xiamen municipal government of Fujian, a southeastern coastal province in China, that it will invest USD 300 million over the next five years in the city to set up a new development and production hub for power products and low voltage products. When complete, ABBÕs existing plants in Xiamen will be relocated to the hubÕs upgraded facilities in the new Torch Hi-Tech Industrial Park where production capacity can be expanded. ÒThis investment is a strong sign of confidence in China and Xiamen,Ó said ABB Group CEO Ulrich Spiesshofer. ÒWe continue to serve our Chinese customers with new technologies and products that were developed and made in China to improve energy efficiency and productivity.ÕÕ