ABB reports record orders and forms joint venture with Mitsubishi Electric

ABB has reported an 8% increase in net profit for the first nine months of 2026, reaching $3.736 billion. This growth was driven by a record volume of orders, which totaled $35.395 billion, representing a 34% year-on-year increase. Revenue for the same period rose by 15% to $27.910 billion.

In a strategic move to expand its presence in the Asia-Pacific region, ABB announced a joint venture with Mitsubishi Electric’s low-voltage power distribution products division. ABB will invest approximately $495 million to acquire a 51% stake in the new entity and will take over the sales operations for these products outside of Japan. The deal, expected to close in the second half of 2027, aims to combine ABB’s global sales network and technology with Mitsubishi Electric’s established presence in the Japanese market.

Performance across ABB’s divisions showed significant growth: the electrification area saw a 20% revenue increase, motors and generators rose by 12%, and the automation division grew by 11%.