Zurich, Switzerland-ABB, the power and automation technology group, announced its new mid-term targets for the five-year period from 2005-2009. The company also outlined a strategy that emphasizes improved business execution and a broader approach to value creation, including focus growth, operating margin, use of capital and cash generation.

To support the execution of the strategy, the organization will be adjusted as of January 1, 2006. One layer of management is being removed with the two core divisions replaced by their respective five business areas. A new function is being introduced at the executive committee level to integrate the regional organization more strongly.