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ABB - Abb News Story

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Sector
Industrials
Size
Large Cap
Market Cap £48.25bn
Enterprise Value £49.51bn
Revenue £18.97bn
Position in Universe 189th / 6846

ABB begins construction of new robotics factory in Shanghai

Thu 12th September, 2019 6:00am
ZURICH, Sept 12 (Reuters) - ABB  ABBN.S  has started
construction of a new robotics factory in Shanghai, China, the
Swiss engineering company said on Thursday, shrugging off
concerns about a slowdown in the world's second-largest economy.
    ABB, which competes with Japan's Fanuc Corp.  6954.T  and
Germany's Kuka  KU2G.DE  in building industrial robots used in
the automotive sector among others, is spending $150 million on
the site which is due to open in early 2021.
    The company predicts the global robot sales will grow from
$80 billion at present to $130 billion by 2025. China is the
world's largest robotics market, buying a third of all
industrial robots in 2017.
    China's second-quarter economic growth slowed to its weakest
pace in at least 27 years as demand at home and abroad cooled in
the face of a bruising trade war with the United States.
 urn:newsml:reuters.com:*:nL4N24C277
    

 (Reporting by John Revill, editing by Riham Alkousaa)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))
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