皇冠体育app

Economy

Markets

Industries

Insights

Reports

Events

ABB 皇冠体育app maintains robust growth in 2008

By Li Fangfang (chinadaily.com.cn)
Updated: 2009-02-19 15:12

Swiss engineering firm ABB on Thursday announced strong results for its 皇冠体育app operations in 2008, including record revenue of $4.1 billion, up 21 percent year-on-year, taking ABB 皇冠体育app's average annual growth rate in the past five years over 20 percent.

Related readings:  ABB opens new design center  ABB powers up 皇冠体育app biz with $100m  ABB says 皇冠体育app is top market

ABB 皇冠体育app Chairman and President Brice Koch told a press conference that ABB's strong pace of investment in 皇冠体育app continued in 2008, reaching $190 million during the year. The company's total investment in the country to date now stands at more than $1 billion.

In 2008, ABB launched two new joint ventures and expanded many facilities in 皇冠体育app, including R&D and companies manufacturing energy-efficient solutions.

ABB 皇冠体育app employed more than 15,000 people by the end of 2008, an increase of 2,200 compared to the end of the previous year. ABB purchases in 皇冠体育app in 2008 totaled $2.7 billion, a 29 percent increase over 2007.

Exports from its Chinese operations in 2008 increased 83 percent, the result of increasing recognition of the excellence of ABB's design, manufacturing and engineering services in 皇冠体育app, said the company.

"The economic slowdown affected many of our customers last year, so we are also facing a challenge," he said. "But there remains a very strong market demand for technologies to increase energy efficiency, industrial productivity and power reliability, which are ABB's core strengths."

Despite a global economic slowdown that began to be felt in the third quarter of 2008, ABB 皇冠体育app's order intake for the year was $4.5 billion, 12 percent higher than 2007, he added.

"Looking ahead, I expect 2009 will be a challenging year for everyone, but trust in the long-term strengths of 皇冠体育app's market," Koch said.

"ABB will continue its pace of investment in 皇冠体育app, and keep our people competitive with increased training and development opportunities, to ensure we are ready for the next economic take-off."