ABB targets faster growth for motion business

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The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum (SEF) conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann/Files

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ZURICH, May 17 (Reuters) - ABB (ABBN.S) is aiming to increase sales at its motion business 50% quicker than the overall market for electric motors, the Swiss engineering company said on Tuesday ahead of its investor day for the division.

The business, which makes motors and drives, is targeting faster growth by offering more variable speed drives which save energy.

Currently only 23% of the world's 300 million industrial electrical motors have variable speed drives, which consume less energy and are more environmentally friendly, ABB said.

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Reporting by John Revill Editing by Paul Carrel

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