ABB sees further growth ahead, no signs of slowdown - CEO |
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Thu, 25 Oct 2007 10:05
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ZURICH (Thomson Financial) - ABB Ltd sees no signs of an economic slowdown impacting the group's business, chief executive Fred Kindle said.Kindle also said that the Swedish-Swiss engineering group sees further growth ahead and is aiming for higher financial results next as compared to 2007.He noted that ABB is benefiting from a need to upgrade grids across Europe and the US and an increasing demand to channel energy from alternative sources into the systems.At the same time, new orders are seen coming from the Middle East and Asia amid an increasing demand for energy in the rapidly growing economies.Additionally, a sizable order backlog gives further confidence of growing sales in 2008, he said.Kindle also reiterated that while the current slowdown in the US construction sector may result in an easing of demand in that segment, US housing distribution only makes up 1 pct of total revenues and is thus unlikely to impact the group significantly.'The US continues to remain an attractive market,' Kindle, said.johanna.treeck@thomson.comjmt/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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