Records set as ‘new normal’ kicks in
Print Edition
ABB (China) Ltd, an arm of Swiss power and automation group ABB, has set records with its 2014 revenue exceeding US$5.8 billion and cumulative investments in China reaching US$1.9 billion.
The company said it has grown stably by seizing opportunities in China’s “new normal” economy whose development is characterized by a new type of urbanization, energy optimization, and industrial upgrading.
“As China’s economic development shifts from the pursuit of speed and expansion to a focus on quality and efficiency, ABB will support sustainable economic and environmental development with innovative and smart technologies,” said Gu Chunyuan, chairman and president of ABB (China) Ltd.
To maximize the “new normal” trend, ABB is investing in new high-growth areas such as micro-grid, digital power grid, process industries, data centers and public transport.
ABB will invest 2 billion yuan (US$320 million) to build an industrial center in Xiamen, Fujian Province over five years to further integrate its local businesses. The company will also leverage growth opportunities in the inland regions with a focus on third and fourth-tier cities.
“Our mid-term growth strategy remains intact. ABB will invest steadily and provide more tailored products and solutions to Chinese customers,” Gu said.
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