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
ISA opens Saudi Arabian training center at Jubail Industrial College
The Jubail-ISA Training Center brings ISA’s globally recognized automation and control instruction—as well as its certification review and...
Wibu-Systems and DFKI join together to advance manufacturing security
The two teams of experts came together to investigate effective protection mechanisms for different types of threats and implement a set of system...
KUKA partners with ITW Welding to advance welding robotics
At Hannover Messe 2016, KUKA Roboter GmbH signed a memorandum of understanding with ITW Welding, a leading North American manufacturer of welding...
ValvTechnologies announces Herman Bernard as Director of Manufacturing
Based in Houston, Benard will have senior management responsibility for ValvTechnologies’ Manufacturing groups, leading the achievement of...
Apex Tool announces Ross Porter Jr as President of Global Power Tools
Porter, 51, joins Apex Tool Group after holding senior executive roles at both Newell Brands and Chamberlain Industries, including general...
GE to help Spirit Aerosystems forward to the Industrial Internet
Looking to increase production of critical aviation industry products, Spirit AeroSystems will implement Efficiency Analyzer on Predix, GE’s...
Schneider Electric to deliver automation controller for Vallejo, CA flood control
Under the terms of the agreement, Schneider Electric will implement its Modicon M580 programmable automation controller (ePAC) platform to help the...
Bedrock provides SCADA RTU platform for Clarksville Light and Water
The project is part of Clarksville, Arkansas' plan to save up to $2M over the next five years through improved control, monitoring, and security of...
Rotork actuators support environmental improvement at Aberthaw Power Station
Through the use of automation that includes Rotork valve actuation, Aberthaw can efficiently generate around 1555 MW of electricity for the...
Dalian Metro uses Rockwell Automation to integrate system, cuts energy usage by 12%
The entire Dalian metro system includes more than 50 redundant Allen-Bradley MicroLogix and CompactLogix controllers with about 100,000 I/O points...