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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Stolt-Nielsen reports best quarterly profit in years

Norwegian Stolt-Nielsen, which has acquired shares in competitor Odfjell, benefitted from higher volumes and spot rates in the chemical tanker market and predicts further improvement in the market. The company is, however, not quite ready for ordering newbuilds.

Skuld opens new office in Tokyo

Skuld is to open a Japanese branch located in Tokyo. To lead the division, Skuld recruits former deputy general manager from Japan P&I Club.

Further reading

Related articles

Latest news

See all jobs