ABB: ABB Motion business to contribute to targets

(CercleFinance.com) - ABB is holding an investor meeting in Helsinki today, which is dedicated to ABB Motion, its electric motors and generators business, which is expected to help it achieve its profitability targets.


The Swiss engineering group says the division expects to outperform (by 1.5x) a market that is itself expected to grow faster than global GDP, due to favourable underlying trends such as the decarbonisation of industry.

ABB says that only 23% of the installed base of industrial electric motors are currently equipped with energy-efficient drives.

The acceleration of the adoption of technologies that are better aligned with climate change issues should drive ABB Motion's business and therefore contribute positively to ABB's 2023 operating margin target of at least 15%, it said.

ABB Motion's FY 2021 operating margin reached 17.1%.

On the Zurich stock exchange, ABB shares are up over 2% on Tuesday after these statements.


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