Name: This CEO Explains the Value of Being a Global Company
Uploaded: 2026-07-23T20:42:00Z
Duration: 22 min 15 s
Description: Morten Wierod, CEO of ABB, spoke to Barron's editor at large Andy Serwer. This interview was recorded June 4, 2026.

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Morten Wierod, CEO of ABB, spoke to Barron's editor at large Andy Serwer. This interview was recorded June 4, 2026.

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This CEO Explains the Value of Being a Global Company

Hello, everyone, and welcome to "At Barron's." I'm Andy Serwer, and welcome to our guest, Morten Wierod, CEO of ABB. Morten, great to see you. Thank you so much for joining us.

Thank you for having me, Andy.

So, give us an outline of ABB today. What does the company do?

We are a company that's focused on electrification and automation, and in helping, what we in ABB call helping industries outrun, it means I'm becoming leaner and cleaner. So, that's kind of... It's all, everything about from power generation, distributing that power with the utilities, and then consuming a lot of that electricity in industries, in the process industries, but today also in data centers and everything really we do today is all about electrification. So, that's a big part of kind of the role ABB plays.

That's a big trend, obviously, we'll talk more about that. But specifically, Morten, what products and/or services do you provide?

Well, it's kind of the key to it, as I say, when I talk about the power generations, about electrical switchgear. That is circuit breakers. It's all the things that it's protecting equipment, but breaking power and current. So we are able to... And then to distribute all that power in the power grid. So utilities is a big customer group, and they use a lot of our switchgear, but the same switchgears, electrical switchgear, also used by industries. It sits out in every manufacturing plant here in the United States, but all over the world, and taking in on what we call medium voltage, which is into the 20, 30,000 volts, down to low voltages, with everything really below 1,000 volts, which is more like what we have in our homes and in buildings. So, all the equipment and the products you need to make electrical distribution safe and reliable in industries, in building, and also in transportation, all of those products sits within ABB. So, I often say, "You find ABB everywhere, but they're often behind a door where it says electrical room and you're normally not allowed to enter." But in there, if you have a key, in there is all the great stuff from ABB.

So, do you have different divisions, then, for your products? Talk about how that's arrayed.

Yeah, we have, in ABB, three, what we call, business areas: electrification, automation, and motion. And motion is electrical motors. We are the clear leader here in the United States with our ABB Baldor-Reliance Motors. That is all the electrical motors that moves, that be conveyor belts. It could be over elevators and escalators, all the... Or even our trains that move around on electricity. These are a couple or a few examples of where you find motors. And then also what we do is in our automation system, we're the leader in distributed control system, DCS, known as. These are the control platform that's software, so to say, that run big steel plants, runs automation system in mines, in all the process industries is where you find this kind of automation system or control system. That is really the backbone of those operation. And then it's the electrification, which is all the products that is needed and systems that are needed for our utilities, for power grids, but also into power generation. But all the usage, and then distribute that electricity to the point of consumption, that be in industries, but also in our homes everywhere in the world.

ABB stands for ASEA Brown Boveri, going back to the 1980s. And the two companies were, what, Swiss and Swedish, is that right?

Yeah.

Tell us about the history a little bit.

Yeah, these are two very two old companies, almost more than 140 years old, both of them. ASEA, Skandia from Sweden, and then Brown, Boveri from Switzerland. And the two companies, in 1988, came together and merged, a friendly merger that happened and they would headquarter today. And since then, in 1988, headquartered out to Zurich in Switzerland, and that's also been my home for the last 14 years. So, it's a global company. We had, I remember the slogan when I started. It was, "Think global and act local." That was the ABB slogan in the early '90s, and it's as valid today, maybe even more, than it was then. So it's all about being locally present for our customers, but still being a global company that is getting some of those global benefits that it is to be a large corporation.

And what are your markets, your biggest markets? How are your revenues distributed?

Today, we have... United States is, by far, our largest in the single market. It's almost 30% of our revenue of the company. Europe, number two. So, if you take the whole Europe together, it's a bit more the same size. And then Asia follow them and the Middle East/Africa. Number two market for us is China, a player that's been there also for a long time. Three, single market is Germany, and number four is India. So it's all the key markets. And what is a bit special, maybe, in ABB is that we serve these markets locally. It means that we produce close to home. In Europe, the easiest example is 98% of what we produce or what we sell in Europe is produced in Europe. But if you take China and India also there, we are closer to the 90%. Here in the United States, 80% of what we sell in United States is manufactured and produced in the US.

That's a popular motif these days in the United States, by the way.

Yes, but that is kind of where we have been our focus for many years in ABB. I'm sometimes asked that: Is that something new you implemented in the last few years? No, it is... Myself, I was living in China from 2008 to '12, building up local manufacturing, local technologies in China in those years. Since then, of course, we met also here in the United States, several acquisitions. We bought Baldor-Reliance Electric Motors. We acquired Thomas & Betts in the electrification business. And GE Industrial Solution was another acquisition we made in 2017, which has really kind of also been an accelerator of the growth that we have seen here in the United States. And today, gaining market share, which means that we're a bit back to the old GE heights, I think today, but under the ABB umbrella and the ABB name.

Those are some big, big companies that you bought, some big names. I believe you guys recently raised your profit margin, operating profit margin targets. Is that the case? And in which businesses, specifically, are you looking for growth?

Yeah, we had our Capital Market Day in New Berlin, which is north of Milwaukee in Wisconsin in November last year. And there, we increased our margin corridor. It was previously from 16 to 19. Last year, we did reach the 19% operational EBITDA margin. And of course, then, in ABB, it's always when we hit the target, then we need to go further, and that's what we want to do. And we increased our margin corridor from 18 to 22%. So, still some work to do from the 19% this year. I already promised in our investor calls that 2026 will be a new record year for ABB. So with that, it's also guided that there will be, as I say, I always say that the best is yet to come. So, that is also the hunger to break new records is always there. And that's what we are committed to. And there are some different margin levels. When we're talking about ABB, we say we had three business areas, and the kind of leading indicator there is our electrification business that is operating from where their corridor is, from 22 to 26%, which is with ambition to be. We always have an ambition to be the best in class in our industry. Not there yet, but we're on our way.

So, electrification, obviously, as we said, is something that's really benefiting your company. Does that run counter to the backlash against green power, on the one hand, but also this huge ramp up of data centers? And it's kind of ironic that people said, "Oh, forget about green," but at the same time, this data center thing is going on. Are they two different trends, or are they connected?

No, what is very clear today is that more power is needed. It's an energy expansion ongoing all over the world, especially here in the United States, because with the build out all data centers, but also everything else of that is using, today, electric... Electric system, instead of the traditional way of doing things. I can give examples, so in the past, container cranes or large cranes were used with hydraulics, oil under pressure. Today, it's all about electric motion, electric motors, and variable speed drives that can help a container crane empty a ship much faster, much more efficient than we could in the old days. This is where you can use electrification and automation to drive it. So, this trend of electrification is ongoing. It's about how we produce steel. In the old days, it was used, again, coal to burn to get that high temperature for steel production. Today, we use electric arc furnaces. Yeah, this is how India is changing their steel industry. And they do that not just to reduce emission and decarbonize the steel industry. Most importantly, if we are honest, it's to become more efficient. It's to compete against cheap steel import from China. That is how Indian steel producer are, today, upgrading to electric arc furnaces. Just a couple of example where kind of underlying this, this world is going electric. And that is why electricity consumption is growing much faster than any other energy source. And then, data centers and the consumption there comes on top. So, the world needs more energy. We talk here, we heard about energy expansion in the United States. We talk about energy abundance is the name that is used in China, but kind of the everywhere is the same, more electricity being needed. Then, the fuel can be different. As you say, we can use the fuel oil and gas, which is today, the LNG buildout, very strong here. We're talking about, of course, traditionally more coal were used. But then, it's also the new wave of more nuclear power that is accelerating, and we see more nuclear power station being built or being planned to be built now than ever before. So, this is a new age. And then, finally, it's about renewables. You have to remember that last year was in '25, was the year where we had the highest-ever installation of renewable power with soil and wind. And that is globally, but it's also in all the regions in the world. So even if I have, you may say that there's been a bit of a backlash, but if you look at the actual installation that happens on the ground, it's still happening. And I think we, as ABB, we are supporting all the fuels in the world, so to say, those be sun and wind, or if it's with nuclear, or gas, or other energy sources. I think just more electricity is needed, and it need to be made online and be made available because, or else, energy will become too expensive. And that's why more energy and more electricity is needed because that's the energy form that's increasing the most.

How much are you really benefiting from the build out of data centers? Is that really helping to drive the business?

Absolutely, it's one of our fastest-growing market. In the first quarter of this year, '26, we had triple-digit growth in the data center sales. But I have to remember, it's still only about 10% of the company's revenue. So, 90%-

Which is: What is the overall revenue range?

And last year, we did a $34 billion. So, 10% is data center and 90% is not data center, but it is a very strong driver. And what we see, just referring also to what we did in our first quarter, triple digit in the data center area, but double digit outside the data center. So, it's just the underlying strong market when it comes to electrification and automation. That's what we see, and this is the global numbers.

And you really are agnostic when it comes to energy sources, or is there one that works better with your systems?

No, it's really electricity. The shape where the electricity comes from. It doesn't really matter for our equipment. What we do, as I say, we're helping to distribute that electricity out, safely out to the point of consumption. That is the main part of what we do. And where, if it comes from, what kind of fuels, so to say, is being used to create that energy, doesn't matter that much for our switchgear or our systems. And so what we want to do and what our focus is that we do it as efficient as possible. Energy efficiency, that we don't waste energy. That's never been good for business. So elimination of waste kind of by very reliable systems and doing this in the most efficient way is one of the key aspects. Kind of that's where we are investing a lot of money also. Always coming with new innovation that can drive energy efficiency and energy reliability because that's needed.

Now, I mentioned this backlash against sustainability, and you suggested there's some of that going on here, but not so much in the rest of the world. Is there really more sustainable energy development outside of the US, or is it continuing at the same pace?

We see globally, you see, as I say, that this year will have the largest, again, a new record when it comes to renewable energy installation. We also see many countries replacing coal with gas-fired power plants. So that is a trend that is clearly there all over the world. So therefore, but we are in a position now where just the world needs more energy because we are... And in the form on the shape as electricity. So, there are more electrons needed, and then it's more of the question mark, the kind of what kind of molecules, or that is the fuel for it. But the trend is, as I said, clearly towards more electrification.

You talked about some acquisitions, Morten. Have you been divesting businesses as well? And my understanding is you're kind of an actively business-minded manager in terms of acquiring and divesting of companies.

Yeah, I mean, active portfolio management is one of, I would say, key aspects. What has also been driving our business in the last years? We're always questioning ourselves: Are we the best owners? The same as we're also, when we're looking at acquisition, we're always going to say, "Why will we be the best owner?" So this is part of a question. Most of the time, it ends up with a clear, "Yes, we are." But there are also examples where we say that the value of a part of our company would have a higher value on the outside. We had a turbocharging business, which is leading in its field, where it's used on diesel engines on every ship, more or less, on the world where it's used turbochargers. This is a business that we spun off and listed on the Swiss Stock Exchange, and it's been a success story. Even higher multiples or returns than ABB Motor. So that was an example of an asset that had on higher valuation on the outside than inside ABB. It didn't really fit. So we are testing, and that on kind of pressure testing every part and see that, "Yes, this fits together. Do we have technology synergies or go-to-market synergies between them?" It could be great businesses as a standalone, and then we need to have a pragmatic view and not being kind of stuck in our past, even because good businesses sometimes are even better when they can have a standalone basis.

It doesn't sound like trade friction or wars in the Middle East are slowing you down. I mean, are you having any issues doing business in the United States or issues doing business in China, for instance?

No, we are very local, as I say. When I talked about our thinking global, we're acting local. This is underlining, I think, also our strength here. So, our United States or US business is disconnected from our China business, so it doesn't really affect. And that means also when it comes to the components we use, the software we use, we have dedicated product development team that sits here in United States, and we have in China. And there are just with how the world looks like today with a more regional split means, also different when it comes to cloud solutions in China is based on Huawei systems. And it's done with a way because they say the Googles, the Microsoft, AWS of the worlds are not present. So this is just how, that you have to have two different setups. But there are still value of being a global company because there are lessons to be learned from each other, even though you need to have that special and dedicated attention to the markets where you operate.

ABB is listed in Switzerland, is that right? But you have ADRs that trade here in the United States, OTC. The stock is up like 90% over the past year. You have a $200 billion market cap and a PE in the 40s. Sounds expensive. I mean, have investors missed the train here, or is there still reason to get on board ABB?

I always say that the best is yet to come, and in that statement is that I believe we are in a long super cycle. The trend of electrification and automation is going to last for many, many years. This is not the '26-'27 trend. It is something what is needed over the need for electricity and electric solutions, the need for automation. I think that is just going to continue to accelerate. AI will help on that as well. So, with our being... Having the right exposure in the market, but also having an operating system that delivers top-of-the-rank premium markets and being able there to grow with those strong market, but also maybe a bit more, I think there is a good upside also for our future.

And you grew up in Norway. What lessons did you derive from growing up there, maybe, that inform how you lead?

I think Norway as it's... As part of the Nordics, what is a bit special there, I think, is it's a very short way from the top to the factory floor. That was how I managed also when I was a factory manager. You have try to understand the whole organization. And I think that is one of the lessons learned. My grandfather was working for the Brown, Boveri part of when I grew up, and he was making fuses on the factory floor as a blue-collar worker. And I think also to be able to connect with all parts of the organization is one of the things that I've taken to listen and learn from every part of the organization. I think that's one of the main thing, that even if you get a promotion, you don't forget what happens elsewhere. That's what I try to keep with me also throughout my career.

And final question, Morten. I know you're a big football fan, soccer, as we call it, here in the United States. And right now, the World Cup is starting. I'm not sure whether this is going to air after these matches, but I'm just wondering: Is Norway going to make it into the finals, do you think, or become the champion, World Cup Champion, this year?

That would be the surprise of the century if that would happen. But they do have a pretty good team, and I will watch the games on television. I'm not able to get there to watch them live, but I will see them on television. They are definitely not the favorite. I will put Spain and France up there, but I would hope that Norway do well as well. And also, my second homeland these days, Switzerland.

Right. All right. So you got a bunch of teams rooting for, maybe even the United States, your biggest market. Don't forget about us, okay?

As well.

All right. Morten Wierod, CEO of ABB, thank you so much for joining us.

Thank you.

This is "At Barron's." I'm Andy Serwer. We'll catch you next time.