Hitachi ABB Power Grids will hit 2025 target thanks to green revolution: CEO [Reuters]
ABB Ltd (ABB)
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Source: Reuters
By John Revill 3 Min Read ZURICH (Reuters) - The power grids business Hitachi 6501.T bought from ABB ABBN.S for $11 billion is likely to hit the upper end of its 2025 targets despite the effects of a coronavirus downturn over the next two years, Chief Executive Claudio Facchin said. Hitachi ABB Power Grids, whose products connect power stations to homes and factories, expects a recovery as countries launch stimulus packages and the electricity industry switches to greener technologies. The company which competes with Siemens SIEGn.DE , General Electric GE.N and Hyundai 267260.KS , is due to give an update on its financial targets in October. “We see the pandemic as having a temporary effect and we’re optimistic about the future,” Facchin told Reuters. “COVID-19 has a negative impact on us in 2020 and 2021 ... but by 2023 and 2024 we should not see any more effect. We expect an actual positive swing when the recovery and stimulus packages kick in,” he said. Altho
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