ABB has completed its previously announced acquisition of Power-One. ABB says the transaction, valued at over $1.02 billion, brings it into the global solar inverters marketplace.
ABB's main businesses are in the power and automation industries. Power-One employs almost 3,500 people, mainly in China, Italy, the U.S. and Slovakia.
‘The acquisition of Power-One expands our renewables businesses,’ says ABB CEO Joe Hogan. ‘The combination of Power-One and ABB is fully in line with our 2015 strategy and creates a global player with the scale to compete successfully.’