2023-03-30 09:58:47 ET
- ABB ( NYSE: ABB ) announced on Thursday plans to invest $40M in a new manufacturing facility in Albuquerque, New Mexico to support the US electric grid and utility sector.
- The new 90,000-square-foot facility will increase ABB's production of Elastimold cable accessory solutions, which it says is in high demand and used by electric utility providers in grid hardening and resiliency initiatives.
- The greenfield facility will cater to demand for Elastimold products to support wildfire mitigation, underground and grid hardening projects for homes, businesses and communities.
- It will be completed in 2024 and include ABB Robotics technology and digital automation to produce more than 1M additional units annually.
- The new manufacturing facility will be on ABB’s 40-acre site in Albuquerque, which also houses its current Installation Products manufacturing facility.
- Shares were trading around +2.6% just before 10am ET.
For further details see:
ABB to build new manufacturing site in Albuquerque