ABB Ltd., the world’s largest supplier of power grids, said Ulrich Spiesshofer will become chief executive officer, an internal promotion of a manager who integrated the Swiss company’s largest acquisition.
Siemens AG , Europe’s largest engineering company, said profit this year will rise at least 75 percent, more than it previously anticipated, as customers buy more industrial equipment and a unit overhaul starts to pay off.
Siemens AG’s first-quarter profit declined on charges for delays in high-speed trains orders and a failed solar power project, adding to more than 1 billion euros ($1.3 billion) in predicted restructuring costs this year.
Siemens AG ’s plan to sell its computer-services unit to Atos Origin SA will let Chief Executive Officer Peter Loescher end years of losses from a business that proved unfixable for his two predecessors.
Royal Philips Electronics NV, the world’s biggest maker of light bulbs, dropped the most in more than two years in Amsterdam trading after saying it needs to deepen cost cuts to combat deteriorating demand for lighting and consumer electronics.
Siemens AG faces a decline in the valuations placed on its Osram lighting unit by as much as 50 percent, testing the will of the German engineering company to pursue an initial public offering, analysts including SRH Alsterresearch’s Oliver Drebing said.
Chancellor Angela Merkel must carry out a 10 billion-euro ($14.4 billion) expansion of Germany’s electricity-delivery network or her decision to exit nuclear power can stunt growth in Europe’s largest economy.
ABB Ltd ., the Swiss maker of factory robots and power transmission gear, agreed to buy Baldor Electric Co. for about $3.1 billion in cash to expand in the North American market for industrial motors and drives.