Fri, 03/03/2023 - 08:21
ZURICH, Switzerland – ABB has reached an agreement to sell its Power Conversion division to AcBel Polytech Inc. for $505 million in cash. The transaction is subject to regulatory approvals and is expected to be completed in the second half of 2023.
The Power Conversion division, formerly Lineage Power, was acquired by ABB as part of the GE Industrial Solutions acquisition in 2018 and is not core to ABB. The division is based in Plano, Texas, and employs roughly 1,500 employees worldwide, predominantly at three major sites and the U.S. headquarters.