Home / NEWS / MENA region props up recovery for ABB

MENA region props up recovery for ABB

by CW Staff on Jul 27, 2010

Be the first to comment

ABB chief executive Joe Hogan.

ABB reports in its latest business forecast that its biggest jump in orders has come from the MENA region, up 27% in local currencies. “We feel more confident about the recovery in most of our markets than three months ago,” said chief executive Joe Hogan.

“After the worst economic recession seen in decades, customers are returning to invest in energy-efficiency solutions for both power and automation. We expect customer capex, especially on the power side, to recover later in 2010 and into 2011,” said Hogan.

While customers were still delaying orders, Hogan warned that “the backlog for power systems is reaching record highs". On July 16 the group received its largest power order to date, a US$700 million contract for Transpower of Germany.

Story continues below

FEATURED COMMENT

Please click here to comment on this article

COMMENTS


Name *
Email *
City
Country
Subject: *
Comments: *
Math Question: *
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.	Refresh the image if not clear
	Remember me on this computer