ABB to Sell Power-Conversion Unit for More Than $500 Million in Final Divestment
January 20 2023 - 2:21AM
Dow Jones News
By Joshua Kirby
ABB Ltd. said Friday that it will sell its power-conversion
division to Taiwan's AcBel Polytech Inc. for $505 million, bringing
to an end a divestment program set out at the end of 2020.
The business, based in Texas, was acquired in 2018 and isn't
core to ABB, the Zurich-based industrial group said. Last year the
power-conversion division made revenue of around $440 million and
operating earnings of around $50 million, ABB said.
The sale to power-management company AcBel Polytech for $505
million in cash should be completed in the second half of the year,
subject to regulatory approvals, ABB said.
The deal completes a divestment program that has included the
sale of ABB's mechanical-power transmission business Dodge and the
spinoff of turbocharger business Accelleron.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
January 20, 2023 03:06 ET (08:06 GMT)
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