ABB chairman sees limited impact from Red Sea disruptions

By Divya Chowdhury and Savio Shetty

DAVOS, Switzerland (Reuters) – Swiss engineering group ABB (ST:) sees limited impact from disruptions in the Red Sea on its supply chains, Chairman Peter Voser said in an interview on Monday ahead of the World Economic Forum’s (WEF) annual meeting in Davos.

“I think for ABB, it has less of an impact because our components and products are produced where we are selling them,” Vosser told the Reuters Global Markets Forum in the Swiss ski resort.

When asked about which market will grow at the fastest pace by value and size, Voser highlighted India, calling it a key market for ABB, followed by the U.S. and China.

In 2022, the maker of industrial robots, motors and controllers posted sales of $1.14 billion in India.

Voser remained confident on China despite the current geopolitical tensions and slower economic growth, saying ABB does not plan any strategy changes there.

He was also positive on the future of artificial intelligence (AI). “There is certainly a disruptive element, but that is not part of my vocabulary. I see (it as) an opportunity,” he said, adding that AI needed regulation.

ABB has recently bought Sevensense – a company specialising in boosting the mobility of industrial robots – by using artificial intelligence and 3D vision to move around factories and warehouses.