ZURICH, Jan 20 (Reuters) – ABB ( ABBN.S ) has sold its energy conversion business to AcBel Polytech Inc ( 6282.TW ) for $505 million, the Swiss engineering and technology company said on Friday.
The sale is the latest step in ABB’s plans to reduce its corporate portfolio which has seen it sell its Dodge electric division and leave its turbocharging business Accelleron to its owners.
ABB said it expects to make a small non-operating profit from the sale of its US-based Power Conversion business, which supplies telecom products, data centers and general industries.
Chief Executive Bjorn Rosengren said he was “delighted” with the deal that completed the distribution of shares announced by ABB at the end of 2020.
Power Conversion was acquired by ABB as part of the GE Industrial Solutions acquisition in 2018 and was not a first for ABB, the company said.
The division is based in Plano, Texas, and employs approximately 1,500 people worldwide. It generated revenue of approximately $440 million and revenue from operations of approximately $50 million in 2022.
John Revill reports, edited by Rachel More
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