ABB to Invest $170M in Manufacturing Facilities Across the US
Image: Bigstock ABB ( ABB – Free Report ) announced an investment of approximately $170 million in various parts of the United States to meet increased customer demand for electrification and automation products. The investment is expected to create several skilled jobs in manufacturing, innovation and distribution operations. It also supports the clean energy transition and the trend toward reshoring of production. In New Berlin, WI, ABB is investing nearly $100 million toward opening a Drives and Services manufacturing facility, increasing the U.S. production capacity of industrial electric drives while simultaneously offering additional customer services. The facility will help in reducing energy consumption in buildings and industrial applications in the U.S. market. The construction of the facility is expected to be completed in 2024 and will create about 100 new jobs in the next three years. In Memphis, TN, ABB is investing $3 million for the creation of an Installation Products Research & Development Lab and Innovation Center to facilitate the development of new products. ABB Ltd Price ABB Ltd price | ABB Ltd Quote In Atlanta, GA, ABB is building a packaging and logistics facility for end-to-end robotic automation solutions in the warehouse and distribution, retail, and logistics industries. To this end, the company is investing $2 million. The facility is expected to open in 2023, creating about 15 new jobs. ABB recently announced that it is investing $40 million to create a new manufacturing facility in Albuquerque, NM, for its Installation Products Division. The new facility will cater to increased demand for its leading Elastimold solutions essential to wildfire mitigation and underground and grid hardening projects. ABB also declared recently that it is investing $20 million to increase production at its existing North American robotics headquarters and manufacturing facility in Auburn Hills, MI. The project, expected to be completed in November 2023, will create several new jobs in Michigan. In Lehigh Valley, PA, ABB is investing more than $4 million to develop an Installation Products Division Northeast Distribution Center this year. The facility, which is expected to create more than 100 jobs, will regionalize ABB’s global supply chain, thus reducing delivery times of high-demand electrification products to contractors by up to 50%. ABB E-mobility is making an investment toward opening an electric vehicle charger manufacturing facility to support operators building the national charging infrastructure. The investment will create more than 100 jobs. Zacks Rank & Other Key Picks ABB presently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks within the broader Industrial Products sector are as follows: Deere & Company ( DE – Free Report ) currently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 4.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks . Deere has an estimated earnings growth rate of 31% for the current fiscal year. The stock has gained around 12% in the past six months. Ingersoll Rand ( IR – Free Report ) presently flaunts a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 8.5%, on average. Ingersoll Rand has an estimated earnings growth rate of 7% for the current year. The stock has rallied 17.6% in the past six months. Illinois Tool Works ( ITW – Free Report ) currently carries a Zacks Rank #2. The company pulled off a trailing four-quarter earnings surprise of 0.9%, on average. Illinois Tool has an estimated earnings growth rate of approximately 4% in the past six months. The stock has gained 22.2% in the past six months. Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don’t miss your chance to download Zacks’ top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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