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ABB CEO Joe Hogan plans to expand in Brazil and India and remain selective with acquisitions, saying Europe and the U.S. may need more time to emerge from the steepest economic slump in half a century. ABB identified $1 billion in additional savings until the end of this year. Zurich-based ABB, the world’s biggest maker of power-transmission equipment, will move more jobs to emerging economies, where growth will remain above 10 percent and costs are lower.

 

ABB received more orders from emerging economies than from so-called mature markets in the fourth quarter. The majority of the company’s workforce will shift to regions that include India, China and Russia in the next 18 months, from 45 percent now, as ABB scales back its operations in countries such as France, Ireland and Sweden. The Swiss company joins competitors including Siemens AG, which said on Jan. 26 that it’s not “out of the woods yet,” and that some markets have yet to recover. Siemens, which competes with ABB in areas including power transmission and factory automation, has trimmed expenses by merging plants, cutting back office costs and eliminating 10,000 jobs.

 

ABB said on Feb. 18 that it aims to cut costs by $3 billion by the end of 2010, 50 percent more than previously planned, to meet profit targets as customers remain hesitant to invest. The company aims for an operating margin of 11 percent to 16 percent, a target that will come up for review after next year. Most of the additional savings will come from better purchasing and sourcing of materials as well as adjusting factories to lower-cost production.

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ABB India Share Price

6829.75 -36.20 (-0.53%)
13-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Havells India 1273.80
Siemens 3344.20
Apar Inds 11106.95
ABB India 6829.75
Waaree Energies 3335.40
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