BIZCHINA / Overseas Investment
ABB says China is top market
By Li Fangfang (China Daily)
Updated: 2007-03-10 10:01
Zurich-based power and automation technology leader ABB said China has
become its No 1 revenue market when it announced its 2006 fiscal
performance in the Chinese market in Beijing on Friday.
Last year was a strong year for both the company's business and
organizational development, said Brice Koch, who took over as chairman
and president of ABB China this January.
Koch, who is also president of ABB North Asia, said that from 2005 to
2006, ABB China's orders rose 26 percent to $3.1 billion, and revenue
increased by 19 percent to $2.8 billion.
The company's success in the Chinese market has been driven by the
country's continuous economic growth and strong demand for technologies
that increase energy efficiency, power grid reliability and industrial
productivity.
According to ABB's 2006 annual report, released in Zurich on February 15,
the group did well in every region worldwide.
Its fastest-growing markets after China are the Middle East, where order
growth increased by 54 percent, Central and Eastern Europe, where order
growth increased by 49 percent, and India, where order growth increased
by 39 percent.
Globally, ABB Group's net income rose 89 percent, while its orders rose
22 percent to $28 billion and revenue increased 11 percent to $24 billion.
In 2006, ABB moved the global headquarters of its robotics division, and
its marine, power electronics and metal business units to China.
(For more biz stories, please visit Industry Updates)
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