Swiss power and automation technology provider ABB (NYSE: ABB – $20.00) said it has won a $30 million contract from Norway’s transmission system operator Statnett to contribute to the construction of two power substations to strengthen grid reliability and boost power supplies. The substations will also play a key role in connecting the Norwegian grid to those of the UK and Germany and are a part of the Western Corridor project, to upgrade the transmission network in the region and eventually benefit the Northern European power system. ABB will provide all the major electrical equipment, live tank circuit breakers, instrument transformers and surge arresters.
The shares have recovered somewhat following the Brexit news. However, investors will need to remain patient, as I believe positions have solid long-term total return potential. Strong growth in earnings should propel ABB’s stock price appreciation together with an above average dividend, currently yielding 3.8%.