ABB eyes acquisitions

By agencies   |   Thursday, 16 March 2006, 08:00 Hrs
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BANGALORE: ABB has said it will once again start making acquisitions to grow its global business. However, it would take a cautious approach not to embark on any ‘fantasy’.

Announcing this, ABB Group President and CEO, Fred Kindle said, "We are ready to make acquisitions but with the company having made a very strong growth in 2005 through organic route. We will weigh the option of acquisition only if the internal assessment of risk and cost management parameters permitted them to embark on acquisitions."

He said that it might make one or two acquisitions this year but in 2007, it will aggressively pursue acquisitions. West Asia , Latin America apart from China and India were some of the main drivers of growth for the company.

He said by 2009, the global economic growth curve could show a dip prompting him to project a five percent growth for ABB.

However, he said India's rapid economic growth had made the country a hot favorite for its commitment reflecting in ABB's investment of $50 million out of the $100 million investment it had announced in 2004. The rest will be invested before 2007, Kindle said.

The ABB India has invested $20 million in two of its new plants in the country. These include a unit in Haridwar another in Nashik. The units are expected go on stream later this year and early next year, respectively.

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