ABB increasing U.S. investment to raise local production, CFO says
ABB (ABBN.S.S) is increasing its investments in the United States as a way to deal with tariff hikes expected from the new Trump administration and to benefit from the country's economic growth, Chief Financial Officer Timo Ihamuotila said on Tuesday.
"We will be investing more to compensate for this," Ihamuotila told Reuters when asked about the impact of higher import duties.
"We will be investing more because it's a good growth market," the CFO said in an interview on the sidelines of the World Economic Forum (WEF) annual meeting in Davos, Switzerland.