ABB's (ABB) power-systems business generated an operating loss of $29M as revenue fell by more than a fifth, although the company remains committed to the division. "We won't exit," says CEO Ulrich Spiesshofer. "We will fix it and get it back to prosperity." ABB will deepen the restructure of the business. It will also stop bidding for orders to construct solar-power plants.
Spiesshofer is watching the battle for Alstom between GE and Siemens closely, but stays tight-lipped about whether ABB would enter the fray. "When we have more to say about it, we will," he says.
Shares are -7.2%. (PR)