ABB Falls as US Congress Reviews its Operations in China
- Investigation concerns potential espionage, security threats
- ABB supplies Chinese state-owned port crane maker ZPMC
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Swiss industrial supplier ABB Ltd. fell the most in three months on the news that US Congress is reviewing its relations with China.
The main investigation focuses on Shanghai Zhenhua Heavy Industries Co. Ltd., according to a letter from Congress, with ABB becoming involved because it’s a sub-supplier to the Chinese state-owned manufacturer of container cranes.