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European industry giant expects lower growth

Swiss-Swedish industry giant ABB has downgraded its long-term growth targets, according to a financial statement for the third quarter. The pressured oil and gas markets have hit ABB this year.

Photo: ABB, pressefoto

Swiss-Swedish industry giant ABB no longer believes in its long-term growth targets for 2020. After releasing its third quarter results, the European industry player has downgraded expectations for revenue growth.

From 2015 to 2020, ABB expects an average annual growth rate of 3-6 percent, down from an earlier 4-7 percent forecast. This is primarily due to macroeconomic developments, according to the report published Wednesday.

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