ABB sells power conversion division to Taiwanese firm
The buyer is looking to gain a foothold in sustainable energy and electric vehicles.
Keystone / Melanie Duchene
Zurich-based engineering and technology conglomerate ABB has agreed to sell its Power Conversion division to AcBel Polytech Inc. for $505 million (CHF463 million).
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ABB vende divisão de conversão de energia para empresa taiwanesa
The transaction is expected to be completed in the second half of the year subject to regulatory approvals, ABB said on Friday. A previous divestment attempt in 2019 did not work out.
The Power Conversion division – formerly Lineage Power and acquired by ABB as part of the GE Industrial Solutions acquisition in 2018 – is based in Plano, Texas, and has 1,500 employees. It is a global provider of end-to-end power conversion solutions for applications in the telecommunications, data centre and industrial sectors. It generated $440 million in revenue in 2022 and mainly services the North American market. Previous clients include Cisco, Google and Verizon.
Taiwanese buyer AcBel has over 8,800 employees worldwide and offers power solutions for a wide range of applications including PCs, smart home appliances, smartphones, servers and networking equipment. It is also looking to gain a foothold in sustainable energy and electric vehicles.
“By combining AcBel’s core capabilities in smart manufacturing and original design manufacturing with Power Conversion’s cutting-edge technologies in premium and high-quality products along with its advanced system solutions, we will be able to establish a more comprehensive product portfolio and expand our solution offerings to continue to create value for our customers and investors,” said AcBel chair Jerry Hsu.
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