ZURICH, Reuters – ABB announced Tuesday higher revenue and profit targets as it anticipates that the Swiss engineering company will benefit from rising demand and trends like shrinking workers and decarbonization.

Manufacturer of industrial automation products and robots for factories, the company stated that it anticipates an increase in annual sales by 4%-7%. That is up from the previous 3%-5% rate.

ABB also stated that it aims to improve its profitability in the announcements made ahead of Tuesday’s capital markets day.

The company now aims to achieve a profit margin of at least 15% by 2023, as determined in operating earnings before tax, interest and amortization (EBITA).

It previously aimed to achieve a margin from 13%-16%. ABB’s margin during 2020 pandemic was 11.1%.

ABB (PA:), which competes with France’s Schneider Electric, Germany’s Siemens, and France’s Schneider Electric, also announced that they would flot their E-mobility electric car charging business. A public offering is planned for Switzerland’s first half in 2022.

Reuters had previously reported that the business is making a lot of money from a boom in batteries-powered vehicles around the world and could potentially be worth $3 billion.

Bjorn Rosengren, Chief Executive of ABB said that ABB has made significant progress in implementing his plan for decentralizing the company’s vast operations. However, the company can still do more.

Rosengren stated that ABB had made significant progress over the past 24 months in decentralizing its organization and improving revenue quality. But we’re not there yet.

Former Sandvik CEO took control of ABB in March 2020. He reorganised the company into 18 more independent business units, and reduced headcount at ABB’s headquarters.

ABB anticipates positive market momentum in 2022. Rosengren noted that although order activity is strong so far this year ABB has not experienced any supply chain disruptions.