ABB China maintains growth despite 2008 slowdown

ABB China announced strong results for 2008, including record revenues of $4.1 billion ― a 21 percent increase over last year.

The company's strong pace of investment in China reached $190 million, putting its total investment at more than $1 billion, according to Brice Koch, Chairman and President of ABB China. Among its noteworthy projects last year were two new joint ventures and the expansion of many ABB facilities in China, including R&D and companies manufacturing energy-efficient solutions.

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

"Exports from its Chinese operations in 2008 increased by 83 percent, the result of increasing recognition of the excellence of ABB's design, manufacturing and engineering services in China," said Koch.

Ten ABB companies were ranked among China's top 100 electric enterprises in 2008.

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, Koch added.

"The economic slowdown has affected many of our customers, 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."

"I am pleased to say ABB China still continues to support our customers with outstanding power and automation technology, as well as ABB Group in terms of our business growth, talent acquisition and local sourcing," Koch said.

"Looking ahead, I expect 2009 will be a challenging year for everyone, but trust in the long-term strengths of China's market," he said. "ABB will continue its pace of investment in China, and to keep our people competitive with increased training and development opportunities, to ensure we are ready for the next economic take off."