ABB have announced yesterday (9th July) that they have signed an agreement to sell their Solar Inverter business to FIMER S.p.A. for an undisclosed amount.
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.
FIMER 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.
Tarak Mehta, President of ABB’s Electrification business: “The divestment is in line with our strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on quality of revenue and higher growth segments. Solar is a well-established and key focus for FIMER and as such we believe them to be a very good owner for ABB’s solar inverter business”
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.”
FIMER will honor all existing warranties and ABB will compensate FIMER for taking the business and its liabilities over.