ABB Invests $170 Million in US as Electrification, Automation Demand Rises
April 04 2023 - 9:02AM
Dow Jones News
By Pierre Bertrand
ABB Ltd. said Tuesday that it is investing around $170 million
across seven U.S. states as customer demand for electrification and
automation products rises.
The Swiss-technology company said it is investing in projects in
Wisconsin, Tennessee, Georgia, New Mexico, Michigan, Pennsylvania
and South Carolina.
Laws including the U.S. Inflation Reduction Act and the
Infrastructure Investment and Jobs Act give ABB confidence to
invest in manufacturing capacity, technology innovation and
distribution systems, the company said.
The U.S. is ABB's largest market, accounting for 24% of its
annual revenue, while 85% of its sales in the U.S. are from
locally-produced products, the company said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
April 04, 2023 08:47 ET (12:47 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
ABB (NYSE:ABB)
Historical Stock Chart
From Nov 2024 to Dec 2024
ABB (NYSE:ABB)
Historical Stock Chart
From Dec 2023 to Dec 2024
