ABB - ABB sells power conversion unit in $505M deal in final divestment
ABB Ltd. ( NYSE: ABB ) said Friday it will sell its power conversion division to Taiwan's AcBel Polytech for $505M, as it wraps up a divestment program the company announced at the end of 2020.
ABB ( ABB ) said the power conversion division, based in Texas and acquired as part of the GE Industrial Solutions acquisition in 2018, is not a core business.
The division generated $440M in revenues and $50M in income from operations in 2022.
ABB's ( ABB ) divestment program included the $2.9B sale of its Dodge mechanical power transmission business and the spinoff of the Accelleron turbocharger business .
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ABB sells power conversion unit in $505M deal in final divestment