ABB: sells solar inverter business to Italy's Fimer
(CercleFinance.com) - Swiss engineering company ABB said on Tuesday it had agreed to sell its solar inverter business to Italy's Fimer for an undisclosed amount, the latest step in a string of divestments to focus its business portfolio on other growth markets.
The solar inverter business—which has approximately 800 employees and made revenues of about 290 million dollars in 2018—offers products, systems, and services for different types of solar installations.
In solar, ABB now plans to focus on smart buildings, energy storage and electric vehicle charging.
Completion of the deal is expected in the first quarter of 2020.
ABB said it expects to take an after-tax non-operational charge of approximately 430 million dollars in the second quarter as part of the transaction.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The solar inverter business—which has approximately 800 employees and made revenues of about 290 million dollars in 2018—offers products, systems, and services for different types of solar installations.
In solar, ABB now plans to focus on smart buildings, energy storage and electric vehicle charging.
Completion of the deal is expected in the first quarter of 2020.
ABB said it expects to take an after-tax non-operational charge of approximately 430 million dollars in the second quarter as part of the transaction.
Copyright (c) 2019 CercleFinance.com. All rights reserved.