Newly appointed ABB Group CEO J�rgen Centerman Thursday announced a reorganization of the Zurich-headquartered global technology group, replacing business segments with customer groups, and product segments.
The restructuring, according to ABB, is designed in line with a business environment it sees as distinguished by "accelerating globalization, deregulation, consolidation, and eBusiness," and will be complete in most of its markets by mid-year.
The four customer groups will be Utilities, Process Industries, Manufacturing and Consumer Industries, and Oil, Gas, and Petrochemicals. The two product segments�Power Technology Products and Automation Technology Products�will cover all generic product needs within the group, said ABB, and "directly serve" business partners such as distributors, wholesalers, system integrators and original equipment manufacturers.
ABB's Financial Services segment will continue to provide services and project support for the group as well as external customers.
Centerman, who took over as group president and CEO on Jan. 1, said a division, New Ventures Ltd., is being created to function as an "incubator" for new businesses.
"New technologies continue to be a key driver of growth for us," said Centerman. "Our R&D organization therefore remains critical. In addition, we�re setting up New Ventures Ltd. to identify, invest in and to accelerate the development of new business opportunities."
"The new structure allows us to grow faster by more easily delivering value to our customers," he added.