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ABB Welcomes Euro-zone Bailout Package
Thursday, 27 October 2011
Power and technology firm ABB Ltd. (ABBN.VX) Thursday welcomed the euro-zone bailout package, saying it hoped it would bring stability to the region that is a key revenue stream for the company.

"It's good news, it's the first positive decision taken by the European Union to solve this Greek problem," said Chief Financial Officer Michel Demare.

"We are happy to see it happening. We hope it will stabilize the rest of the region too.

Europe is ABB's largest market, responsible for 39percent of its revenue in the third quarter of 2011.

In the third quarter European orders were flat, with increases in Eastern Europe and Germany offset by slowing markets in southern Europe, Switzerland and Sweden.

"For sure the package comes with a lot of austerity, so we shouldn't be over-optimistic," Demare told a conference call.

"Demand will still suffer in the future, but at least stability will be brought back and bring confidence in terms of investments," he added.

He was speaking after the Zurich Company reported an 18 percent increased in third-quarter revenue and a 2 percent increase in net profit.
News source: DowJones Newswire

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