Friday, April 07, 2006

ABB Robotics World HQ is Shanghaied

BEIJING (AFX) - ABB Ltd has moved the headquarters of its robotics division from Detroit to Shanghai, the South China Morning Post reported.

At a media briefing, chief executive Fred Kindle was quoted as saying in the Hong Kong paper that China overtook Germany last year to become ABB's second-biggest market worldwide, after the United States, and was likely to become number one in the future.

"The car market is the most important for robotics. China has more than 120 vehicle plants and investment of 25.5 bln usd in new manufacturing by (next year) will bring the capacity to 15 mln units," Kindle said.

"In the current global market, there are four main robotics makers - two Japanese, one German and ourselves - each with special customer relationships. In China, we can gain market share before others. You cannot produce a modern car without a robot," he added.

The decision to move the headquarters also reflects the shift of ABB's business from Europe to Asia.

Last year, Asia accounted for 23 pct of its total revenue, up from 15 pct in 2002, and Europe contributed 49 pct, down from 54 pct.

Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor


Post a Comment

Subscribe to Post Comments [Atom]

<< Home