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Power Move

ABB buys GE’s industrial solutions unit for $2.6 billion Swiss power firm ABB said it will buy General Electric’s industrial solutions unit for $2.6 billion, the companies announced Monday. For ABB, the acquisition targets a number one spot in the electrification market, where it currently competes with Schneider in utilities equipment services and power grid […]

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ABB: A Bad Break

ABB uncovers criminal activity in its South Korea subsidiary ABB has uncovered a “sophisticated criminal scheme”, related to a significant embezzlement and misappropriation of funds in its South Korean subsidiary ABB Korea, the company reported February 22. The amount is estimated to be around 100 million dollars. The man responsible for the scheme is reportedly Oh […]

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Manu-facts & figures

Where do we stand with factory output? Here’s the definite positive: A report on Wednesday showed a monthly increase in factory output for the first time in three months. The Bloomberg survey revealed an 0.4 % uptick in manufacturing for last month, which exceeded expectations, and the median forecast, after a 0.1% drop in September […]

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ABB Making Moves

Four announcements in past week An automation company has been in motion this week – in more ways in one. ABB Group, of Zurich, Switzerland, has been active this past week with a combination of acquisitions, releases, partnerships and projections. Last Wednesday, the company announced the groundbreaking of a new, $70-million, 300,000-square foot tech center […]

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Bearing the Weight

Schaeffler forced to reduce IPO Following the Volkswagen emissions scandal of last week, affiliates of the German automaker are experiencing similar damages. Schaeffler AG, the ball bearings manufacturer with more than 200 locations in over 50 countries worldwide, was forced to reduce its IPO offering this week after delaying last week. IPO stands for Initial […]

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Baldor launches VMI program

As part of a continued effort to collaborate with distributors, Baldor Electric Company (Fort Smith, AR) has launched a Vendor Managed Inventory program with Datalliance of Cincinnati. This partnership is designed to support and stimulate sales and constructed to enhance work with their distributors. It also aims to bolster collaborative projects. Executive VP Tom Mascari […]

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Schneider Electric releases 2nd quarter financial results

Schneider Electric, the French energy and power company, has released its 2nd quarter figures for 2015, including revenues, organic growth, net income, and 2015 half-year totals.  The period ended on June 30th. A 9.8% year-to-date increase in revenues was reported, but this included a 0.9% decrease in organic growth. Net income was down 12%, but […]

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Emerson purchases remaining stake in EGS Electrical Group

St. Louis-based electrical manufacturer Emerson announced that it has signed an agreement to acquire SPX Corporation’s 44.5% minority interest in EGS Electrical Group, giving it 100% ownership of the business. The purchase price will be $571 million. Emerson and SPX have jointly held the business since 1997, with Emerson responsible for operational management and consolidation of results […]

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Revenue growth in first quarter for ABB

ABB, the global manufacturer of power and automation technologies, has reported its first quarter 2013 results. Revenues were steady to higher in all divisions and operational profitability improved despite a weak business environment. The company experienced a 9% increase in revenues over the same period last year and a 1% increase in orders over the […]

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Bosch Rexroth records slight gains in 2012

Bosch Rexroth, a global provider of drive and control technology with U.S. offices in Charlotte, N.C., reported its 2012 sales revenue. Generated sales revenue totaled about $8.5 billion (6.5 billion EUR), the highest value in the company’s history. Also, growth perspectives for global machinery and plant construction remain positive for the long-term, according to the […]

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