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
NI announces Alex Davern to succeed Dr. James Truchard as CEO
Davern will succeed Dr. James Truchard, age 73, who has served as the Chief Executive Officer of NI since the company's founding in 1976, effective...
ABB elected to the Industrial Internet Consortium’s steering committee
The IIC Steering Committee’s tasks include defining the overall priorities of the consortium, setting its direction, providing fiscal oversight,...
aeSolutions' Paul Gruhn named co-chair of ISA84 committee
As co-chair, Gruhn will help build consensus among participants on ISA84 standards interpretations and modifications, ensure that the committee...
Huawei joins Zigbee Alliance board of directors
Huawei is the 15th member of the ZigBee Alliance Board of Directors, joining Comcast Cable, Itron Inc., The Kroger Co., Landis+Gyr, Legrand Group,...
ABB announces Parts Fingerprint service
The ABB Parts Fingerprint service captures equipment configurations, audits parts stores, and develops recommendations and replacement strategies...
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...
MicroPower Direct releases glossary of power conversion terms
MicroPower Direct's free power conversion glossary contains 19 pages and 800 definitions of terms associated with a range of power technologies and...
NEMA publishes NEMA ABP 1-2016 Selective Coordination of Low-Voltage Circuit Breakers
The purpose of this paper is to provide guidance to engineers regarding the National Electrical Code (NEC) requirements for selective coordination.
Emerson Industrial's Unidrive AC delivers power for German textile company
Freudenberg needed to replace an AC drive within their nonwoven production facility in Kaiserslautern, Germany. The need for a small footprint...