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
Zenith Technologies announces Joe Haugh as CEO
Zenith Technologies’ chief will lead the company’s strategic direction and operations, with the goal of furthering growth as demand for the...
Microsoft announces partnership with OPC Foundation
Microsoft will work with the OPC Foundation to enable industrial Internet of Things (IoT) scenarios through interoperability between the millions...
Jabil announces predictive analytics solution built with Microsoft Azure
The platform is designed to analyze millions of data points from machines running dozens of steps throughout the manufacturing process and predict...
Mobile Industrial Robotics announces opening of US office
MiR is the creator of the MiR100, an autonomous mobile robot for small-task indoor transportation of items in the manufacturing and healthcare...
Honeywell announces formation of Digital Transformation unit
Andrew Hird has been named vice president and general manager of the Digital Transformation unit, which was created to help manufacturers harness...
Automation Can Prevent the Next Fukushima - $109.00
This book shows that the accumulated, collective knowledge of the automation profession can prevent most of these types of accidents.
Advances in Temperature Measurement and Control, Second Edition - $79.00
In this book, readers will learn which measurements, control strategies, controller features, and tuning parameters will achieve process objectives...
ISA Releases Technical Program for 59th POWID Symposium
The Power Industry Division (POWID) and EPRI Symposium will take place 27-30 June 2016 in Charlotte, North Carolina USA.
Honeywell acquisition of Elster & IIoT Strategy
By Bill Lydon, Editor
In January, Honeywell completed the acquisition of Elster for $5.1 billion. Elster is a leading provider of gas, water, and...
FCI ST98 Air/Gas Flow Meter measures Landfill Biogas
The ST98 Flow Meter with its thermal mass sensor provides direct mass flow measurement without the need for additional temperature or pressure...