Tuesday December 18, 09:56 AM
ABB announces 440-mln-dlrs China contract
ZURICH (AFP) - The Swiss-Swedish engineering group ABB (Stockholm: ABB-U.ST - news) said Tuesday it had won a contract worth 440 million dollars (308 million euros) to build a high-voltage electricity line.
The line, some 2,000 kilometres (1,240 miles) long, will run from the Xiangjiaba dam in the west to Shanghai, China's economic powerhouse on the east cost, the company said.
It should be operational by 2011, it added.
Earlier this year, ABB unveiled a concerted strategy for growth in China, with plans to hire 5,000 new employees there and to double its revenue in the Asian giant within four years.
It said it planned for ABB China to grow to around four billion dollars in sales by 2008, overtaking Germany as ABB's second largest market.
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