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Monday, January 15, 2024
Chairman of Swiss engineering group ABB sees limited impact from Houthi Red Sea disruptions
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Swiss engineering group ABB sees limited impact from disruptions in the Red Sea on its supply chains, Chairman Peter Voser says in an interview ahead of the World Economic Forum’s (WEF) annual meeting in Davos.
“I think for ABB, it has less of an impact because our components and products are produced where we are selling them,” Vosser tells the Reuters Global Markets Forum in the Swiss ski resort.
When asked about which market will grow at the fastest pace by value and size, Voser highlighted India, calling it a key market for ABB, followed by the US and China.
In 2022, the maker of industrial robots, motors and controllers posted sales of $1.14 billion in India.
Voser remains confident on China despite the current geopolitical tensions and slower economic growth, saying ABB does not plan any strategy changes there.
He was also positive on the future of artificial intelligence (AI). “There is certainly a disruptive element, but that is not part of my vocabulary. I see (it as) an opportunity,” he says, adding that AI needed regulation.
ABB recently bought Sevensense — a company specializing in boosting the mobility of industrial robots — by using artificial intelligence and 3D vision to move around factories and warehouses.
The Times of Israel Community.