Featured
ABB to Invest $150 Million on New Robotics Factory in Shanghai
ABB Ltd. will invest $150 million to build a robotics factory in Shanghai, as the Swiss manufacturer capitalizes on China’s rising consumption and aspiration to transform into a technology pioneer.
This new factory will set out to “shape the next generation of manufacturing, the next generation of capacity,” Chief Executive Officer Ulrich Spiesshofer said in an interview in Shanghai on Saturday.
Production is expected to begin by the end of 2020 and annual capacity will be around 100,000 robots, or one quarter of its global demand last year, Spiesshofer said. The Shanghai plant, located in the Kangqiao area, will be the Swiss company’s single largest robotics facility around the world, producing the full range of ABB’s products from small payload robots to large ones that can lift an entire car, according to Spiesshofer.
The Shanghai factory will also include a research and development center in artificial intelligence and machine learning. The R&D center and the factory “combined will position us strongly in a competitive environment,” said Spiesshofer, who is visiting China for the sixth time this year.
Zurich-based ABB’s share price has been on a losing streak after its third-quarter earnings missed estimates on slower demand growth from the Middle East and U.K. Operations in China, now ABB’s second-largest market with annual sales at $6 billion, outperformed the overall business with 13 percent growth in total orders.
ABB also signed a strategic cooperation agreement with the Shanghai government today to support the city’s industry, energy, transport and infrastructure, according to a statement.
-
Uncategorized2 months ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, October 24
-
OER Magazines4 weeks ago
Signature, October 24
-
Commodities2 months ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance2 months ago
Apple Pay Officially Launched in Oman
-
Oil & Gas2 months ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Lifestyle2 months ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season
-
Magazines3 weeks ago
OER, October 24
You must be logged in to post a comment Login