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ABB Ltd, a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland, was formed in 1988 through the merger of Sweden's Allmänna Svenska Elektriska Aktiebolaget and Switzerland's Brown, Boveri & Cie, now known simply as ABB. The company is a global technology leader in electrification and automation, striving to create a more productive and sustainable future. ABB operates in over 100 countries and employs approximately 105,000 people.
ABB’s operations span four major business areas: Electrification, Process Automation, Motion, and Robotics & Discrete Automation. Through these divisions, ABB offers a wide range of products and solutions, including electric vehicle infrastructure, robotics, automation systems, and energy management solutions. ABB is committed to pushing the boundaries of technology to drive performance to new levels, leveraging its software capabilities to enhance its electrification, robotics, and automation portfolios.
Recent achievements highlight ABB’s robust growth and innovation strategies. In 2022, ABB reported strong demand and operational performance with orders amounting to $8.8 billion, marking a 10% increase, and revenues of $7.3 billion. The company's operational EBITA stood at $1,136 million with a margin of 15.5%. ABB has announced expansions and investments across its operations, including a $20 million investment to expand its robotics headquarters in Michigan and a $40 million investment to open a new manufacturing facility in Albuquerque, New Mexico to meet increased demand for grid resilience solutions.
ABB has also underscored its commitment to sustainability by reducing its own greenhouse gas emissions by 65% since 2019 and working towards a low-carbon society. The company continues to innovate in energy efficiency, evident in its collaboration with Lumin to enhance home energy management solutions. Through strategic initiatives, ABB aims to support industry decarbonization and improve energy efficiency, solidifying its leadership in the transition to a sustainable energy future.
ABB’s stock is publicly traded on the SIX Swiss Exchange under the symbol ABBN. The company continues to focus on expanding its market presence and driving growth through innovation, strategic partnerships, and a commitment to sustainability.
ABB highlights the vital role of energy efficiency in reducing costs and emissions in the industrial sector through a new report by the Energy Efficiency Movement. This report outlines 10 actionable steps that can be implemented immediately, emphasizing widely available technologies. Industry accounts for 42% of global electricity demand, with substantial potential for cost savings and emission reductions through improved efficiency. Key contributors to the report include ABB, Microsoft, and the International Energy Agency.
ABB reported strong Q3 2022 results with orders at $8.2 billion (+4%; comparable +16%) and revenues at $7.4 billion (+5%; comparable +18%). Operating income was $708 million with a margin of 9.6%. The operational EBITA reached $1.231 billion, an increase of 16% year-on-year, resulting in a record margin of 16.6%. Cash flow from operations was $791 million, down 28% from last year. Despite a 45% decline in net income to $360 million and an EPS drop of 41% to $0.19, ABB anticipates achieving its 2023 margin target early, driven by improved operational efficiencies.
ABB has successfully completed the spin-off of Accelleron Industries AG, which is now trading on the SIX Swiss Exchange under the ticker symbol 'ACLN'. Shareholders received 1 Accelleron share for every 20 ABB shares held, reflecting a strategic move to focus on electrification and automation. This shift allows Accelleron to operate independently, promoting long-term value creation for both ABB and Accelleron. The spin-off is part of ABB's ongoing portfolio management strategy, aiming to enhance flexibility and growth in their respective sectors.
ABB has agreed to divest its remaining 19.9% stake in Hitachi Energy to Hitachi, generating approximately
ABB's shareholders overwhelmingly approved the spin-off of its Accelleron turbocharging division during the Extraordinary General Shareholders Meeting in Zurich. With 99.72% in favor, shareholders will receive one Accelleron share for every 20 ABB shares held. The listing of Accelleron on the SIX Swiss Exchange is set for October 3, 2022, with the prospectus to be published on September 23, 2022. Accelleron is recognized for its leadership in turbocharging technologies, supporting sustainable power across marine and energy sectors.
ABB has announced an Extraordinary General Meeting (EGM) scheduled for September 7, 2022, regarding the proposed spin-off of its Accelleron turbocharging business. The meeting will start at 10:30 am and will primarily be conducted in German, with English translation available. Voting results will be published shortly after the meeting on ABB's website. ABB aims to enhance its operational structure through this spin-off, which aligns with its strategy to drive performance and innovation.
ABB reported strong order growth of
ABB plans to spin off Accelleron, its turbocharging division, allowing both companies to focus on their core strategies. ABB shareholders will receive 1 Accelleron share for every 20 ABB shares held, with Accelleron's listing on the SIX Swiss Exchange anticipated on October 3, 2022.
Accelleron generated $756 million in revenues with a 25% operating margin in 2021. The spin-off, subject to approval on September 7, 2022, will enable Accelleron to target growth in the large engine industry while providing ABB the opportunity to enhance its electrification and automation focus.
ABB has partnered with Red Hat to integrate automation and industrial software solutions, focusing on the convergence of IT and OT. This collaboration aims to enhance the deployment capabilities of ABB’s solutions using Red Hat OpenShift, allowing for scalable, on-demand digital services. Customers can expect improved data-driven decision-making and operational efficiency through advanced virtualization and containerization of automation software. The partnership aligns with ABB's strategy to innovate in process automation and digital transformation.
ABB has been awarded the 2022 Global Oil and Gas Automation Technology Innovation Leadership Award by Frost & Sullivan for its subsea power technology that reduces power consumption, costs, and carbon emissions. The subsea energy supply reaches up to 100 megawatts and operates at 3,000 meters depth. With about $100 million invested in R&D, ABB's innovative systems provide unique solutions in the oil and gas sector. The company's adaptive execution approach further enhances project efficiency and minimizes risks, positioning ABB for sustainable growth.
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