ABB completes Power-One acquisition

In April, power and automation technology group ABB announced its agreement to acquire Power-One, a provider of renewable energy and of energy-efficient power conversion and power management solutions. The acquisition has now been completed.

ABB has brought its solutions to the solar PV industry for many years, with its portfolio in power and automation, global footprint and service organisation making the company a natural player in the market. With the Power-One acquisition now complete, ABB is positioned as a leading global supplier of solar inverters - one of the fastest-developing technologies in power electronics.

ABB CEO Joe Hogan said the acquisition “expands our renewables businesses and provides substantial opportunities to create value for our customers, employees and shareholders”, creating “a global player with the scale to compete successfully”.

Power-One CEO Richard J Thompson added that by joining forces, the companies can “better address the growing worldwide demand for innovative, renewable energy solutions and strengthen our global leadership”.

Ulrich Spiesshofer, head of ABB’s Discrete Automation and Motion division, concluded, “The combination of these two successful companies will create significant value-driven growth based on global reach, high quality and technology leadership. We are looking forward to a successful collaboration.”