July 31, 2023
ABB has completed the divestment of its Power Conversion division to AcBel Polytech Inc. with an enterprise value of $505 million.
ABB expects to record a small non-operational book gain in Income from operations on the sale in the third quarter of 2023. With this transaction, ABB has completed all divisional portfolio divestments announced at the end of 2020.
The Power Conversion division is based in Plano, Texas, USA, and employs roughly 1,500 employees worldwide. It generated revenues of approximately $440 million and Income from operations of approximately $50 million in 2022.
It is a global provider of end-to-end power conversion solutions for mission-critical applications in the telecommunications, data center, and industrial sectors. The business is well positioned and currently capitalizing on key technology megatrends such as the rollout of 5G networks, the increased use of cloud computing, and manufacturing automation.