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/

 
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    SOURCE: ABB 
Copyright Business Wire 2020 
 

(END) Dow Jones Newswires

March 02, 2020 04:36 ET (09:36 GMT)

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