Page 13 - Climate Control News Magazine August 2019
P. 13

ABB exits solar inverter business
ITALIAN COMPANY FIMER S.p.A has signed an agreement to acquire ABB’s solar inverter business.
The transaction will enhance the future prospects of the solar in- verter business and will enable ABB to focus its business portfolio on other growth markets.
ABB’s solar inverter business has approximately 800 employees in more than 30 countries, with manufacturing and R&D sites located in Italy, In- dia and Finland.
It includes the solar inverter business from Power-One which was ac- quired by ABB’s Discrete Automation and Motion division in 2013.
The business offers a comprehensive portfolio of products, sys- tems, and services for different types of solar installations. It is cur- rently within ABB’s Electrification business and achieved revenues of approximately $290 million in 2018. Completion of the sale is expected in the first quarter of 2020.
Tarak Mehta, president of ABB's Electrification business said the divest- ment is in line with the company's strategy.
Mehta said the focus is on systematic portfolio management to strengthen
Completion of the sale is expected in the first quarter of 2020.
competitiveness, focus on quality of revenue and higher growth segments.
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CCN would also like to thank our sponsors who play such an important role in ensuring the awards are a success. The sponsors allow us to showcase the industry’s best and brightest.
THE HVAC&R LEADERSHIP AWARDS, POWERED
BY CCN L!VE, WILL RECOGNISE THE PIONEERS, INNOVATORS AND ENTREPRENEURS IN THE HVAC&R COMMUNITY WHO ARE RAISING THE BAR.
Nominations for the 2019 HVACR Leadership Awards have now closed. Thanks to everyone that has nominated and made this year’s awards bigger and better than ever.
Judging takes place later this month and this year’s guest judge is Refrigerants Australia executive director, Greg Picker.
Winners of the HVACR Leadership Awards will be announced
at CCN Live 2019, which will be held in Melbourne on October 10, 2019.
For more information about each category and entry criteria, visit:
www.climatecontrolnews.com.au/awards
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