ABB sells its power conversion division for $505 million (updated)

Acbel Polytech

20/01/2023 07:54

(Adds details, comment)
       ZURICH, Jan 20 (Reuters) - ABB  ABBN.S  has sold its
power conversion business to AcBel Polytech Inc  6282.TW  for
$505 million, the Swiss engineering and technology company said
on Friday.
    The sale is the last part of ABB's measures to trim its
portfolio of companies which saw it sell its power transmission
unit Dodge and spin off its turbocharging business Accelleron to
shareholders.
        ABB said it expects to make a small non-operational book
gain from the sale of the United-States-based Power Conversion
business, which provides products for telecoms, data centres and
general industry.
  
        Chief Executive Bjorn Rosengren said he was "delighted"
with the deal which completed divisional portfolio divestments
announced by ABB at the end of 2020.
  
        Power Conversion was acquired by ABB as part of the GE
Industrial Solutions acquisition in 2018 and was not core to
ABB, the company said.
  
        The division is based in Plano, Texas, and employs
roughly 1,500 employees worldwide. It generated revenues of
approximately $440 million and income from operations of
approximately $50 million in 2022. 
  
 (Reporting by John Revill, editing by Rachel More)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))