ABB reports progess in Power Systems business
Switzerland, Zurich: ABB reported that its Power Systems division business is improving as the turnaround strategy at the unit continues after the business suffered from offshore wind transmission and solar project issues.
Switzerland, Zurich: ABB reported that its Power Systems division business is improving as the turnaround strategy at the unit continues after the business suffered from offshore wind transmission and solar project issues.
Power Systems broke even in the third quarter of 2014 after losses this year dragged on ABB’s overall performance, reports Recharge News.
CEO Ulrich Spiesshofer said: “We achieved significant milestones in project execution, continued to de-risk the portfolio and implemented a new business model for offshore wind projects. The division broke even in the quarter. We continue to drive our focused action programme to complete the turnaround and address the remaining challenges ahead. Overall, our efforts on relentless execution, including our cost savings programme, are on track.”
ABB said it had higher orders for Power Systems, including the $800 million order for a HVDC underwater power line to connect the grids on either side of the Moray Firth in northern Scotland.
Source: Recharge News
Image: ABB
#ABB#ABB #ABB Power Systems#ABB power transformers#power transformers#power transformers #Ulrich Spiesshofer