Economic downturn hits the controls industry.(Brief Article)(Statistical Data Included)

The summer of 2001 may well be remembered for some of the most dismal economic news heard in years, as one controls company after another reported declining profits and layoffs of employees.

The consensus of opinion put the blame on the economic woes in the U.S. as the source of the slowdown that is beginning to affect the rest of the world. "Our results reflect uncertainty in the investment climate, as the U.S. slowdown spreads into Europe and Asia," said Jorgen Centerman, ABB's president and ceo, who is based in Zurich.

Don Davis, president of Rockwell Auto