ABB Successfully Completes Divestment of Solar Inverter Biz To FIMER

ABB, a technology leader driving the digital transformation of industries, on Monday said that it has completed the divestment of its solar inverter business to FIMER SpA, an Industrial equipment supplier in Italy.

The Swiss-Swedish multinational corporation further said that, this transaction enabled it’s Electrification business to improve the focus of its business portfolio on priority growth markets and will also enhance business opportunities for the solar inverter business under FIMER.

Commenting on the development, Tarak Mehta, President of ABB’s Electrification business, said that “the completion of this divestment is another step forward in our strategy of systematic portfolio management. It strengthens our competitiveness and allows us to focus on other growth segments. ABB will continue to integrate solar power into a range of solutions for smart buildings, energy storage and electric vehicle charging throughout intelligent low- and medium-voltage offering.”

The company’s solar inverter business employed approx 800 people in over 30 countries, with manufacturing and R&D sites located in Italy, India and Finland.

It has included the solar inverter business from Power-One acquired by it’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.

Meanwhile, the company has 4 customer-focused globally leading businesses i.e. electrification, industrial automation, motion, and robotics & discrete automation, supported by the ABB Ability™ digital platform.

The company’s Power Grids business will be divested to Hitachi in 2020. It is operating in over 100 countries with approx 144,000 employees.