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Financial News Network
June 15, 2011 AT 9:41 PM
ABB Ltd (NYSE:ABB) said it plans to add 1,000 jobs in Brazil. It has acquired factory space in Sorocaba, Saol Paulo, which will help the company expand its portfolio of solutions and services in Brazil. This will be the Group's fourth location in Brazil.The factory will house low-voltage and automatic products. It is also an important part of a $200 million investment that is designed to expand ABB's offering and local production capacity in the infrastructure, energy, and industrial segments.By 2014 the complex is expected to generate about one thousand jobs, and will be operational in about six months. ABB has been in Brazil since 1957 with four thousand current employees working in three different manufacturing units, four service units, and many regional offices.ABB has a potential upside of 19.8% based on a current price of $25.95 and an average consensus analyst price target of $31.08.