ABB Ltd ABB is investing $40 million to create a new manufacturing facility in Albuquerque, NM, for its Installation Products Division, which is part of the company’s Electrification business area.
ABB’s new 90,000-square-foot facility will create 55 new jobs in New Mexico and produce cable products for use by electric utility providers in grid hardening and resiliency initiatives.
The new facility will cater to increased demand for its leading Elastimold solutions essential to wildfire mitigation and underground and grid hardening projects. Upon completion in 2024, the Albuquerque facility will include ABB Robotics technology and digital automation to produce more than 1 million additional units annually. Majority of the units produced will be supplied to U.S. customers.
ABB Ltd Price
ABB’s new manufacturing facility will be situated on its 40-acre site in Albuquerque, which also houses its existing Installation Products manufacturing facility. The existing plant employs around 450 productions, engineering and quality specialists for developing and testing various custom and standard utility solutions.
ABB has already invested $14 billion in the United States since 2010. The latest investment adds to the company’s more than $100 million investment in Installation Products expansions and improvements in the United States over the past few years to increase capacity and drive innovation.
Zacks Rank & Other Key Picks
ABB currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks within the broader Industrial Products sector are as follows:
Deere & Company DE 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 20% in the past six months.
Ingersoll Rand IR 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 around 29% in the past six months.
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