The deal of a purchase price of $1 billion or $6.35 per share was officially done and dusted last Thursday. It puts ABB in a good position in the market with Power-One having built a substantial, quality name for themselves. The solar inverter manufacturer currently employs around 3500 people mainly in China, Italy, the USA and Slovakia.
“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. “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. We are pleased to welcome the Power-One employees on board.”
Power-One employees are also said to be happy with the deal. Technology, especially in the solar inverter market, is moving forward at a substantial rate. The merger with ABB will give Power-One the advantage with access to huge Research and Development and a further global reach. ABB employs around 145 000 people in 100 countries around the globe. Their revenue in the US alone was $6.7 billion.
“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.”
As announced earlier, ABB aims to continue Power-One’s plans to start producing inverters in South Africa. Their inverters are quite popular here in Australia for residential and commercial installations. Their longevity, quality and low price points are very attractive to Australian customers.
Congratulations ABB, we look forward to more dealings with Power-One and great innovations to come!