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  • Power and Automation company ABB sees record U.S. profits in 2012

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    Global hydroelectric power and automation technologies conglomerate ABB posted a record profit of US$6.7 billion in 2012 for its United States division, according to a recent company report.

    ABB (NYSE: ABB) said the increase was "boosted by acquisitions and strong organic growth" and equates to a 26% increase over the previous year.

    The company has invested more than$10 billion in the United States over the past three years, more than doubling its revenues since 2007 to $3.1 billion.

    During that period, ABB said its U.S. workforce has grown to nearly 20,000 from 8,700, while revenues in North America as a whole have double to $8.5 billion.

    "The U.S. is the largest single market for ABB," said ABB North America CEO Enrique Santacana. "The expansion in the U.S. and North America is a pillar of the company's 2015 growing strategy."

    HydroWorld.com reported in January that ABB had won a contract to replace 11 excitation systems at Washington's Chief Joseph hydroelectric project. The company has also been increasing its interest in commercial-scale tidal turbines.

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