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ABB CEO rules out acquisitions

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11:21 CEST+02:00
ABB boss Fred Kindle ruled out making any acquisitions this year, preferring instead to grow organically and getting the Swiss/Swedish engineering group back on track.

Speaking in an interview with Germany's Handelsblatt, Kindle said: "For the moment we are growing organically, sales are growing at double digit rates. We don't have to generate growth artificially and spend like mad ... First of all we want to create an ABB that's firing on all cylinders."

He added: "Next year that can change. Maybe we will then look around a bit more intensively."

ABB is in the process of returning to financial health after coming close to bankruptcy in 2000. It cut tens of thousands of jobs and sold off businesses.

Last weekend it effectively drew a line under 16 years of asbestos litigation in the US, prompting Standard & Poor's to restore its credit rating to investment grade earlier this week.

AFP

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