ABB Says to Take Control of German Low-Voltage Power Products Maker
November 23 2015 - 06:07AM
Dow Jones News
By John Revill
ZURICH--ABB Ltd. on Monday said it will take total control of a
German maker of low-voltage products, the latest acquisition by the
Swiss power and automation giant in one of its largest markets.
Zurich-based ABB said it was buying the remaining 49% stake it
didn't already own in Striebel & John GmbH & Co KG. ABB
made its initial investment in the family-owned company in
1993.
Striebel & John, which is based in Sasbach, south-western
Germany, makes energy-distribution systems for buildings, and
products include power-distribution panels, small distribution
boards, and wall and meter cabinets for residential buildings. The
company, which employs 350 people, also has its own software that
is used by contractors to plan the energy distribution of complex
projects.
ABB said it was taking 100% ownership to make it easier for
customers to do business with ABB's low-voltage business in Germany
and improve efficiency. Terms of the deal weren't disclosed.
"As part of our Next Level growth strategy, we are investing in
our core activities to accelerate our expansion" said Tarak Mehta,
president of ABB's low voltage products division in a
statement.
The deal follows ABB's acquisition of a German maker of control
systems for robots in April. Germany is ABB's third-largest market
with sales of 3.22 billion euros ($3.43 billion) in 2014.
Write to John Revill at John.Revill@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 23, 2015 05:52 ET (10:52 GMT)
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