ABB Completes Divestment of Solar Inverter Business To FIMER SpA
March 02 2020 - 4:51AM
Dow Jones News
ABB has completed its divestment of its solar inverter business
to the Italian company FIMER SpA. The transaction enables ABB's
Electrification business to improve the focus of its business
portfolio on priority growth markets and enhance business
opportunities for the solar inverter business under FIMER.
Tarak Mehta, President of ABB's Electrification business, said:
"The completion of this divestment is another step forward in our
strategy of systematic portfolio management. It strengthens our
competitiveness and allows us to focus on other growth segments.
ABB will continue to integrate solar power into a range of
solutions for smart buildings, energy storage and electric vehicle
charging throughout intelligent low- and medium-voltage
offering."
ABB's solar inverter business employs around 800 people in more
than 30 countries, with manufacturing and R&D sites located in
Italy, India and Finland. It includes the solar inverter business
from Power-One acquired by ABB's Discrete Automation and Motion
division in 2013. The business offers a comprehensive portfolio of
products, systems, and services for different types of solar
installations.
ABB (ABBN: SIX Swiss Ex) is a technology leader that is driving
the digital transformation of industries. With a history of
innovation spanning more than 130 years, ABB has four,
customer-focused, globally leading businesses: Electrification,
Industrial Automation, Motion, and Robotics & Discrete
Automation, supported by the ABB Ability(TM) digital platform.
ABB's Power Grids business will be divested to Hitachi in 2020. ABB
operates in more than 100 countries with about 144,000
employees.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200302005385/en/
CONTACT:
For more information please contact:
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com
SOURCE: ABB
Copyright Business Wire 2020
(END) Dow Jones Newswires
March 02, 2020 04:36 ET (09:36 GMT)
ABB (NYSE:ABB)
Historical Stock Chart
From Mar 2024 to Apr 2024
ABB (NYSE:ABB)
Historical Stock Chart
From Apr 2023 to Apr 2024