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ABB to spin off world's second biggest robotics business

ZURICH (Reuters) -Swiss industrial group ABB on Thursday announced plans to spin off its robotics division in the biggest shake up at the company since it sold its power grids business to Japan's Hitachi in 2018. The business is the world's second-biggest industrial robot maker after Japan's FANUC Corp and competes with rivals including Yaskawa and Germany's Kuka. The global robotics is valued at $16.5 billion by the International Federation of Robotics, which last year forecast a 4% in
ABB, a Swiss engineering and technology company, reported a first-quarter profit that exceeded expectations, with net profit rising to $1.04 billion from $885 million the previous year, driven by strong demand in its electrification and automation businesses. The company's revenues increased by 11% to $7.86 billion, surpassing the forecasted $7.47 billion, attributed to robust growth in its core markets, particularly in the U.S. and China. ABB also raised its full-year revenue growth guidance to between 10% and 12%, up from the previous 5% to 7%, reflecting confidence in continued strong performance across its segments.

Read the Full Reuters Article at:
[ https://www.aol.com/news/abb-q1-profit-beats-forecasts-045626965.html ]