ABB SELLS ITS SOLAR INVERTER BUSINESS TO ITALIAN FIMER
ABB and the Italian company Fimer announced today that they have signed an agreement for Fimer to acquire ABB’s solar inverter business. The transaction will enhance the future prospects of the solar inverter 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, India and Finland. It includes the solar inverter business from Power-One which was acquired by ABB’s Discrete Automation and Motion division in 2013. The business offers a comprehensive portfolio of products, systems, and services for different types of solar installations. It is currently within ABB’s Electrification business and achieved revenues of approximately $290 million in 2018.
Both companies will ensure a smooth transition for customers and employees. Fimer will honor all existing warranties and ABB will compensate Fimer for taking the business and its liabilities over.
Filippo Carzaniga, Chief Executive Officer of Fimer: “We are glad to announce this further step in our development as Fimer’s focus on the solar business will be greatly enhanced by this integration. Our commitment to positively influencing the energy market will be realized through the development of new product platforms and innovative digital technologies. We will continue the excellent job carried out by ABB in recent years, combining precious resources, knowledge and expertise in Italy and worldwide. With a strengthened portfolio, we are better placed to shape the future of this increasingly strategic business.”
Fimer Founded in 1942 and active in inverter technology since 1983, is the world`s eighth largest inverter manufacturer. Its main business is the production of inverters for photovoltaic plants, welding and charging stations for electric vehicles at its operational and integrated plant in Vimercate, Italy.
Completion is expected in the first quarter of 2020 and will be subject to certain conditions, including the completion of the carve-out and prior consultation with employee representative bodies.