April 23, 2016 / 2:58 PM / 2 years ago

REFILE-ABB chairman says Power Grids unit back in shape

VIENNA, April 23 (Reuters) - The Power Grids unit of Swiss engineer ABB, which currently is under strategic review, had been “brought into shape” and was “back within the margin target corridor”, chairman Peter Voser said in an interview published by daily Neue Zuercher Zeitung on Saturday.

ABB plans to present a report on a review of operations at the unit - a supplier of power and automation systems employing 39,000 people - on Oct. 4.

So far, ABB has said the unit’s review could result in its sale, a listing on a stock exchange, or it could potentially retaining the business while selling parts of it.

The Zurich-based conglomerate is under pressure from activist investor Cevian Capital to improve performance and has cut costs to help offset falling sales and profits.

Asked whether acquisitions were an option to get back to growth, Voser said: “We pursue four priorities: organic growth, continuously increasing dividend payments, inorganic growth where we see a need, and share buy backs.” (Reporting by Kirsti Knolle, editing by David Evans)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below