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Swedish patent applications on the rise in US

New statistics have shown that Swedish companies registered more patent applications in the United States last year than in Sweden.

Awapatet, a firm specializing in intellectual property rights, cites figures from the US Patent and Trademark Office which show that Swedish companies applied for 2,860 patents last year. The equivalent total for patents sought by Swedish firms in Sweden was 2,439.

The number of applications in Sweden has dipped dramatically in recent years, but never before have there been fewer than in the US.

According to Fabian Edlund, a consultant at Awapatent, this shows that the internationalization of Swedish technology firms has rendered the domestic market less important.

Last year’s figures have little in common with statistics posted at the beginning of the decade, when the IT crash led to a sharp drop in number of patent applications registered in the US by Swedish firms.

Also in 2006, Europe and the United States overtook Sweden in terms of the number of patent applications registered in Sweden.

ABB

Swedish engineering giant ABB to quit Russia over Ukraine

Swedish-Swiss engineering giant ABB said on Thursday it will quit Russia as a result of the war in Ukraine and the related international sanctions against Moscow.

Swedish engineering giant ABB to quit Russia over Ukraine

Russia accounts for only one or two percent of ABB’s overall annual turnover and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

“ABB has decided to exit the Russian market due to the ongoing war in Ukraine and impact of related international sanctions,” the group said in a statement.

Russia accounts for only one or two percent of ABB’s overall annual sales and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

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A large number of major western companies have pulled out of Russia since Moscow invaded its pro-Western neighbour on February 24.

“When the war broke out, ABB stopped taking new orders in Russia,” the group said.

At the same time, it said it continued to fulfill “a small number of existing contractual obligations with local customers, in compliance with applicable sanctions.”

Most of ABB’s dedicated Russian workforce has been on leave since March “and the company will do its best to support them as it realigns its operations in a controlled manner,” it said.

ABB has about 750 people in Russia and two production sites in the country located in the Moscow region and Lipetsk, as well as several service centres.

Separately, the group said that its net profit fell by 50 percent to $379 million in the second quarter, largely as a result of one-off charges, but also the cost of withdrawing from Russia.

Sales, on the other hand, grew by six percent to $7.2 billion in the period from April to June, ABB said.

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