Economy

Markets

Industries

Insights

Reports

Events

ABB China 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 China operations in 2008, including record revenue of $4.1 billion, up 21 percent year-on-year, taking ABB China's average annual growth rate in the past five years over 20 percent.

Related readings:  ABB opens new design center  ABB powers up China biz with $100m  ABB says China is top market

ABB China Chairman and President Brice Koch told a press conference that ABB's strong pace of investment in China 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 China, including R&D and companies manufacturing energy-efficient solutions.

ABB China 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 China 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 China, 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 China'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 China's market," Koch said.

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