November 5, 2019 / 7:47 AM / a month ago

ABB says electrification business will hit margin goal next year

FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - ABB (ABBN.S) expects its electrification division to hit its goal for an operating profit margin of 15% to 19% during 2020, the Swiss engineering company said on Tuesday.

ABB’s largest remaining division will improve its profitability from 12.8% during 2018 due to better pricing, efficiencies and disposing of loss-makers like the solar inverters business, according to slides prepared for an investor event.

Electrification, which makes low voltage breakers, control and protection equipment, will also benefit from the integration of the General Electric Industrial Solutions business that ABB bought for $2.6 billion in 2017.

Reporting by John Revill, editing by John Miller

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