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ABB accelerates measures to counter franc appreciation - CFO
February 5, 2015 / 9:20 AM / 3 years ago

ABB accelerates measures to counter franc appreciation - CFO

ZURICH, Feb 5 (Reuters) - Swiss engineering group ABB is accelerating measures to counter the impact of the Swiss currency’s appreciation, its finance chief Eric Elzvik said on Thursday.

The Swiss National Bank abandoned its 1.20-per-euro cap on the Swiss franc on Jan. 15 and companies across export-reliant Switzerland warned of a plunge in profits after three years of being protected against the effects of a strong currency.

Speaking at a news conference after ABB published fourth-quarter financial results, Elzvik said the Zurich-based company was trying to offset the impact by sourcing and cost optimisation, without providing further details. (Reporting by Maria Sheahan)

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