ZURICH (Reuters) - ABB (ABBN.S) Chief Executive Ulrich Spiesshofer said demand for base orders, or projects less than $15 million, remained subdued after the power technology and automation company posted a 4 percent decline during the fourth quarter.
Base orders fell due to weakness in electrification products and power grids despite increases in the United States, China and Germany, ABB’s three largest markets.
“The sentiment in some of the markets is still a little bit cautious,” Spiesshofer told reporters on a conference call. “We will get the base orders back to growth and we will continue the pattern of winning large contracts.”
Reporting by John Revill