ABB staggers - but "we're just fine"

ABB spokesmen are insisting that the firm's 2,100 jobs at eight sites around the country are secure, despite the woes of the global parent, which is planning massive job cuts and may be heading for bankruptcy.
"It won't affect us directly," said Beata Syczewska, the country spokeswoman of ABB. "The troubles are mainly in the oil division, but we moved out of that. It doesn't concern us any more. We have two new factories in ŁódŸ and Przasnysz making power transistors, which will be very profitable."

The company's worldwide chemical and oil businesses are up for sale with a price tag of €1.3 billion after reporting a third quarter loss of €187 million. An emergency restructuring programme is expected to shed 20,000 jobs. The company has been laid low with a severe financial crisis, miscalculations over expansion and a huge exposure to asbestos claims.
ABB plants in Poland specialise in marine engineering and equipment for the gas and electrical industries. Spokeswoman Syczewska insisted all the restructuring necessary in Poland had already been done. But analysts warned the local operations would be affected if the company was forced into more disposals beyond the oil business.
"The assets are attractive," said one. "They would find a buyer."