Swiss engineering firm to expand
The Swiss engineering group ABB says it is looking to double its presence in China to 200 cities in the next three years.
Ulrich Spiesshofer, chief executive officer of ABB Group, says the company aims to have 20,000 people working for it in China soon and pursue growth drivers such as energy-efficient technologies and infrastructure to increase profits.
ABB also will spend $300 million over the next five years to set up a production hub for power and low-voltage products in the coastal city of Xiamen in Fujian province.
ABB China’s revenue grew 7.7 percent to $5.6 billion last year. The company’s cumulative investment in China reached $1.8 billion last year, with $136 million being the actual investment in 2013. (Photo 3)