ABB Acquires Power-One
July 26, 2013 - ABB completed the acquistion 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 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.
MORE INDUSTRY NEWS
B&R to supply PCs to Datalogic
Datalogic Automation will use B&R Automation PC 910 systems in its UX series of vision processors.
Rock-Tenn and MWV to merge
The two packaging companies will form an unnamed company that will have combined net sales of $15.7 billion.
ISA announces Rick Roop as 2015 President
Roop is a financial management executive, an instrument and electrical engineer, and a power plant manager.
B+B SmartWorx forms Global Partner system
B+B created Connected Intelligence Global Partner Ecosystem to combine complementary partners under a virtual roof to facilitate IoT applications
B&B Electronics changes name to B+B SmartWorx
B+B SmartWorx provides intelligent M2M and IoT connectivity solutions for wireless and wired networks.
NK Technologies publishes product catalog
Comprehensive catalog completely covers current measurement
Are food, beverage and primary processors literally pouring profit down the drain?
What’s New in Process Technology
By CST Wastewater Solutions
Hundreds of processing plants around the globe are using anaerobic digestion...
FuelCell Energy uses VFDs and PACs to improve grid connection
Rockwell Automation PowerFlex 700L drives and CompactLogix PACS convert DC power to AC power within the fuel cell and connect it to the grid.
Integrating Multigenerational Automation Systems
By Chad Harper, Maverick Technologies
Process manufacturing plants are famous for their tendency to keep automation systems and associated...
ACM Facility Safety and Endress+Hauser Announce P&ID Interpretation Workshop
This 2-day course gives students the ability to read and understand P&IDs for the analysis of emergency situations; and for safety, environmental...