Leading power and automation technology group, ABB has completed the acquisition of Power-One, Inc., a major provider of renewable energy and energy-efficient power conversion and power management solutions.
The transaction positions ABB as a leading global supplier of solar inverters that play a critical role in converting the sun’s energy into electric current and controlling its flow into the power system.
Offering a market-leading line of solar inverters ranging from residential to utility applications, a broad global manufacturing footprint, and an impressive power solutions portfolio, Power-One employs almost 3,500 people, mainly in China, Italy, the United States and Slovakia.
ABB’s CEO Joe Hogan explains that the acquisition of Power-One expands ABB’s renewables businesses and provides substantial opportunities to create value for their customers, employees and shareholders. He adds that the combination of the two companies is fully in line with ABB’s 2015 strategy and creates a global player with the scale to compete successfully.
Richard J. Thompson, CEO of Power-One believes that the two companies can together better address the growing worldwide demand for innovative, renewable energy solutions and strengthen their global leadership.
ABB’s leading portfolio in power and automation, global footprint and service organisation make it a natural player in solar PV solutions.
Ulrich Spiesshofer, head of ABB’s Discrete Automation and Motion division observes that the combination of the two successful companies will create significant value-driven growth based on global reach, high quality and technology leadership.
ABB Australia represents the ABB Group in Australia.