July 2, 2018 - ABB announced it has completed its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business on June 30, 2018. The transaction was announced on September 25, 2017, and is expected to be accretive to operational EPS in the first year.
The $2.6 billion transaction offers value creation potential within ABB, including growth opportunities to be leveraged from coupling ABB’s digital offering, ABB Ability, with the GEIS installed base.
GEIS will be integrated into ABB’s Electrification Products (EP) division, led by EP President Tarak Mehta, as a new business unit called Electrification Products Industrial Solutions (EPIS). Stephanie Mains, who was previously the President and CEO of the GE Industrial Solutions business, will lead the new business unit as Managing Director. As part of the transaction, ABB has established a long-term strategic supply relationship with GE to supply them with products and solutions from across the ABB portfolio. Included in the acquisition is a long-term right to use the GE brand.
About ABB
ABB is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally. Continuing a history of innovation spanning more than 130 years, ABB operates in more than 100 countries with about 135,000 employees.