ABB buys Siemens's wiring accessories business in China (updated)

Aussie Broadband

17/05/2024 06:15

(Adds detail in paragraphs 3-5)
       ZURICH, May 17 (Reuters) - ABB  ABBN.S  has agreed to
buy the wiring accessories business of German rival Siemens
 SIEGn.DE  in China, the Swiss engineering group said on Friday.
    The acquisition will broaden ABB's market reach and
complement its regional customer offering within smart
buildings, the company said. No price was given for the
acquisition.
    Under the deal, which is expected to close in the next 12
months, ABB is acquiring a business which makes wiring
accessories, smart home systems, smart door locks and other home
automation products.
        The business, which generated sales of more than $150
million in 2023, employs around 350 people.
  
        The acquisition will give access to a distribution
network across 230 cities in China and provide additional
expertise from regional sales, manufacturing operations and
management teams, ABB said.
  

 (Reporting by John Revill)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))