ABB sells Power Conversion as last leg in trimming business
The Swedish-Swiss industrial conglomerate sells its US-based electrical conversion division for USD 505m, thus concluding a series of group divestments announced in late 2020.
BY MARIA OIEN, TRANSLATED BY DANIEL FRANK CHRISTENSEN
ABB is selling its US-based power conversion operation to Taiwanese AcBel PolyTech for a price of USD 505m, reports Reuters.
The Swedish-Swiss industrial group says it counts on booking a non-operational gain with the transaction’s proceeds.
Divesting the electrical conversion business marks ABB’s final move in a series of divestments announced in late 2020 as part of efforts to trim the group’s portfolio.
This strategy also saw the conglomerate offload transmission outfit Dodge as well as turbocharging enterprise Accelleron.
The Texas-based Power Conversion unit employs roughly 1,500 personnel and supplies products to, for instance, datacenters.
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