Engineering conglomerate ABB is to cut 12,000 jobs worldwide – 8% of its workforce – over the next 18 months “to counter difficult market conditions,” the company said.
Revenues for the first half of 2001 were described as flat but up 7% in local currencies. Earnings before interest and tax were down 21%, but up 4% excluding one-time capital gains, reflecting underlying improvements in operational performance, ABB claims.
