ABB has signed an agreement for the sale of its solar inverter division to Italian solar-PV specialist FIMER. The division employs approximately 800 staff in more than 30 countries worldwide. The sale includes Power-One, a solar inverter company ABB acquired by in 2013, that has achieved a $290 million turnover in 2018. The deal is expected to be completed early in 2020, subject to the completion of the spin-off process and consultation with employee representative bodies.
ABB says that the move will allow it to focus on growth markets. ABB electrification business president Tarak Mehta commented: “The divestment is in line with our strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on quality of revenue and higher growth segments. The combination of the portfolios under FIMER will support further sales growth.”
“Through our intelligent low- and medium-voltage offering, ABB will continue to integrate solar power into a range of smart solutions including smart buildings, energy storage and electric vehicle charging.”
FIMER chief executive Filippo Carzaniga said: “We will continue the excellent job carried out by ABB in recent years, combining precious resources, knowledge and expertise in Italy and worldwide. With a strengthened portfolio, we are better placed to shape the future of this increasingly strategic business.”