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ABB’s high-output 20 kW to 350 kW DC fast chargers will be available via Lightning Energy, a division of Colorado’s Lightning eMotors.
Since entering the e-mobility market in 2010, ABB has sold more than 400,000 electric vehicle chargers across more than 85 markets including more than 20,000 DC fast chargers and 380,000 AC chargers.
ABB's robotics business has been targeting other industrial sectors amid a downturn in the auto sector, its biggest customer.
It announced on Tuesday the acquisition of ASTI, which makes autonomous mobile robots (AMRs), which can freely move around factory floors at up to 2 metres per second without following pre-installed tracks.
It gave no financial terms.
ASTI's robots can tow and move boxes, and deliver components with payloads up to 2,000 kg.
"AMRs are the ultimate, flexible robots," said Sami Atiya, president of ABB's Robotics & Discrete Automation business. "They are enabling the factory of the future."
"With the rise of e-commerce and 24-hour delivery from logistics centres there are many businesses which simply would not be able to operate without these machines," ASTI CEO Veronica Pascual Boe told Reuters.
Customers include Nestle , L'Oreal and Procter & Gamble .
The global AMR market is growing at around 20% per year, according to ABB, and is expected to reach $14 billion by 2025.
"Our goal is to exceed the market growth," Atiya said, adding further ABB acquisitions in robotics were possible.
ABB, which competes with Japan's FANUC and Germany's Kuka in the robots market, said it used ASTI's robots at its own factories before it decided to buy the privately held company.
ASTI employs 300 and has seen sales grow 30% per year since 2015. The company targets sales of around $50 million this year.
It seems to be well positioned where money is going to flow (and sentiment already has) so it is somewhat surprising that the PE is at or below the market multiple. I usually only buy very boring deep discount stocks (like those bear market instances where you can find gems trading below their net working capital, not giving any value to land and equipment and real estate.)
Few people reading this even know what I'm talking about, but it happens. Anyway, I am one of those deep value players, and this is not really in that category, but I am intrigued by its low price relative to EPS even though it is "with it". Or maybe the kids these days say "rad". Or maybe I'm just really old. But I can still recognize value.
With the acquisition of the GE Industrial Solutions and putting Maryrose Sylvester in charge of US Operations.
Maryrose has been involved with reorganizing Harley Davidson and and blew Wall Street away with profits up 67% in October of this last year.
US Manufacturing is growing and now the company has the access into the US Market that it needs.
The sell of their Power Grid to Hitachi was a great move to generate cash and to realign with what they are good at.
At the event, Björn Rosengren, CEO and Timo Ihamuotila, CFO, will provide an update on the strategic and financial development of ABB. In addition, representatives from all business areas will discuss ABB’s customer offering and position in the sector of sustainable transport. This includes both electrical and hydrogen transport solutions for various customer segments.
and initiated a carve out into a separate legal structure. These steps will allow for preparation for a possible public listing and create a platform for accelerated growth and value creation in this business.
Designed to work with all vehicle types and charging infrastructure, the solution combines ABB’s experience in energy management, charging technology and e-mobility solutions with AWS’s range of cloud technologies and software expertise.
I hope they do a spinoff for their Dodge brand and reward their existing shareholders with say 80% of the shares in the new company. Would probably be better than a buyback especially for this very profitable division.
is becoming leaner with better margins and growth. It has sold 80.1% of its Power Grid unit to Hitachi, with an option to divest the remaining 19.9% in 2023. The net proceeds of USD 7.6-7.8bn will be returned to shareholders. As a first step, ABB will buy and cancel 10% of outstanding shares by March 2021. The absolute dividend per share is planned to be sustained or increased. The new ABB will focus on digital solutions, i.e. electrification, industrial automation, robotics and discrete automation, as well as motion. By decentralizing operating responsibilities and cutting costs, it plans to raise margins and growth, which have disappointed in recent years. Selective acquisitions are expected to boost its market position. At present, the biggest risk to our view would be a renewed downturn in industrial demand.