ABB Becomes a Global Leader in the Most Attractive Part of the Solar Photovoltaic (PV) Value Chain
ZURICH, Switzerland, July 25, 2013 -- ABB (NYSE:ABB), the
leading provider of renewable energy and of energy-efficient power
conversion and power management solutions, confirmed that ABB has completed
its previously announced acquisition of Power-One.
The transaction positions ABB as a leading global supplier of solar
inverters, which play a critical role in converting the sun's energy into
electric current and controlling its flow into the power system.
Power-One has one of the market's most comprehensive offerings of solar
inverters, ranging from residential to utility applications, and a broad
global manufacturing footprint. It also has a power solutions portfolio that
is adjacent to ABB's business. Power-One employs almost
3,500 people, mainly in China, Italy, the United States and Slovakia.
"The acquisition of Power-One expands our renewables businesses and provides
substantial opportunities to create value for our customers, employees and
shareholders," said ABB's CEO, Joe Hogan. "The combination of Power-One and
ABB is fully in line with our 2015 strategy and creates a global player with
the scale to compete successfully. We are pleased to welcome the Power-One
employees on board."
"We are happy to join the ABB family and look forward to a bright common
future," said Richard J. Thompson, CEO of Power-One. "Together we can better
address the growing worldwide demand for innovative, renewable energy
solutions and strengthen our global leadership. ABB is the right partner and
now is the ideal time for our companies to join forces."
ABB's leading portfolio in power and automation, global footprint and
service organization make it a natural player in solar PV. ABB has brought
its solutions to the solar PV industry for many years. Solar inverters are
one of the fastest-developing technologies in power electronics, requiring
substantial research and development (R&D) resources. In 2012, ABB invested
about $1.5 billion in R&D overall.
"The combination of these two successful companies will create significant
value-driven growth based on global reach, high quality and technology
leadership," said Ulrich Spiesshofer, head of ABB's Discrete Automation and
Motion division. "We are looking forward to a successful collaboration."
ABB (www.abb.com) is a leader in power and automation technologies that
enable utility and industry customers to improve their performance while
lowering environmental impact. The ABB Group of companies operates in around
100 countries and employs about 145,000 people. In the United States, ABB
had revenues of $6.7 billion and its workforce grew to nearly 20,000
employees in 2012.