ABB completes Power-One acquisition
ABB has purchased Power-One Inc., a provider of renewable energy and of energy-efficient power conversion and power management solutions.
According to ABB, the transaction positions the company 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 a comprehensive offering 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.”