The planned acquisition of Entrelec would add considerable industry expertise, advanced technology and improved coverage in key European and American markets. Together, they allow ABB to deliver a wider range of Industrial IT offerings to more customers. Regional market review Demand for ABB s products and services in the first quarter of 2001 varied widely by country and business compared to last year. Segment review The ABB Group s reporting currency is the U.S. dollar, which continued to strengthen against most of ABB s local currencies. The impact of the strengthened dollar, noted in earlier quarters, continued to unfavorably impact results during the first quarter.
All figures reflect first quarter activity.
Demand in process automation markets was flat, offset by growth in substation automation. In the automotive market, conditions remained difficult. Against this backdrop, total orders increased only slightly in nominal terms, although some business areas showed double-digit growth offsetting downturns in others. Total revenues were similarly flat, although again on mixed markets. Strong revenue growth was recorded in Drives and Flexible Automation, while other businesses were flat or negative.