October 25, 2018 / 6:49 AM / 9 months ago

ABB CEO says there is more work to improve Power Grids business

Chief Executive Ulrich Spiesshofer of Swiss power technology and automation group ABB gestures as he addresses a news conference to present the company's full year results, in Zurich, Switzerland, February 8, 2018. REUTERS/Moritz Hager/File Photo

ZURICH (Reuters) - ABB (ABBN.S) Chief Executive Ulrich Spiesshofer said the company has more work to do improving the performance of its Power Grids business, a unit the engineering company Reuters has reported it is looking to divest.

“We are transforming Power Grids, we are running on all cylinders to drive this transformation, we have really solid top-line growth, we are now at the margin corridor,” Spiesshofer told reporters on a conference call after results on Thursday.

“But we are just at the margin corridor, so there is more homework to be done.”

When asked if this meant the business would stay with ABB or be sold, Spiesshofer said: “When the time is right to talk more about it, we will talk about that.”

Reporting by John Revill; Editing by Michael Shields

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