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.
ABB Ltd. investors, reeling from Chief Executive Officer Joe Hogan’s announcement last month to step down, want a more frugally-minded replacement to integrate the $10 billion worth of U.S. acquisitions he left behind.
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.
Electrolux AB, the world’s second- biggest appliances maker, will buy Compania Tecno Industrial SA in a transaction valued at about $690 million to become the largest supplier of appliances in Chile and Argentina.
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.
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.
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.
E.ON AG led declines among Europe’s nuclear utilities on concern that explosions at two Japanese reactors may spur governments to backtrack on plans to expand atomic energy. Renewable power and natural-gas stocks rose on prospects for increased demand.