ABB says it has completed its acquisition of Power-One Inc., a provider of renewable energy and of energy-efficient power conversion and power management solutions.
“The acquisition of Power-One expands our renewables businesses and provides substantial opportunities to create value for our customers, employees and shareholders,” said ABB’s CEO, Joe Hogan.
ABB says this transaction positions it as a “leading global supplier” of solar inverters, as Power-One’s offering ranges from residential to utility applications. It also has a power solutions portfolio that is adjacent to ABB’s business, adds the company.
“We are happy to join the ABB family and look forward to a bright common future,” said Richard J. Thompson, CEO of Power-One. “Together we can better address the growing worldwide demand for innovative, renewable energy solutions and strengthen our global leadership. ABB is the right partner and now is the ideal time for our companies to join forces.”
