April 28, 2020 / 7:59 AM / a month ago

ABB CEO does not rule out job cuts as company tackles coronavirus

ZURICH, April 28 (Reuters) - ABB could cut jobs as the Swiss engineering company adjusts its cost structure to deal with the economic downturn triggered by coronavirus, Chief Executive Bjorn Rosengren said on Tuesday.

“We are not ruling anything out on this,” Rosengren told reporters. “Our job is to make sure our businesses around the world are managing the demand from our customers ...but also have the right cost structure in relation to the demand.”

Many parts of the world are offering short-time working schemes, which Rosengren said was a positive where demand remained subdued for a limited period. But tough conditions could continue for longer in some regions, he said.

ABB, which employs 144,000 people globally, has so far made no layoffs due to the COVID-19 crisis, Rosengren said. The company beat expectations in its first-quarter earnings, but expects a sharp drop in demand in the coming months.

Reporting by John Revill; Editing by Michael Shields

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