Swiss engineering group ABB's chief executive hopes to see improvements in the market environment during the current year or by 2017 at the latest, he told Swiss television on Wednesday.
"At the moment it's a very quiet and uncertain market environment," Chief Executive Ulrich Spiesshofer told Swiss television broadcaster SRF during an interview on the sidelines of the World Economic Forum in Davos. "We hope very much that the market environment will improve again during 2016 or by 2017 at the latest."
Spiesshofer also said ABB had seen massive declines in its clients' investments within the "upstream" business of oil promotion and saw excessive capacity in China due to overinvestment in recent years.
"We'll see much more modest investment growth until this capacity is fully utilised through growth," the chief executive said.