Industryweek 4205 Solar Pv Promo
Industryweek 4205 Solar Pv Promo
Industryweek 4205 Solar Pv Promo
Industryweek 4205 Solar Pv Promo
Industryweek 4205 Solar Pv Promo

ABB to Buy Energy Group Power One for $1.0 Billion

April 23, 2013
ABB CEO says company wants to be 'global player' in Solar PV, as it is becoming a major force reshaping the future energy mix.

ZURICH -- Engineering giant ABB said Monday that it would acquire the California company Power One, which specializes in renewable energy such as solar, for a whopping $1.0 billion .

ABB said it would pay $6.35 per share in cash, or a total of $1.028 billion, but stressed that the deal would also allow it to absorb Power One's $266 million cash holdings.

Based in Camarillo, north of Los Angeles, Power One is a leading maker of solar photovoltaic inverters, used to transform the energy captured by solar panels into electrical power.

"Solar PV is becoming a major force reshaping the future energy mix," ABB chief executive Joe Hogan said, maintaining that with its acquisition of Power One, his company would become "a global player" in this space.

Power One, which last year raked in sales of around $1.0 billion, employs some 3,300 people, including in China, the United States, Italy and Slovakia.

Copyright Agence France-Presse, 2013

Popular Sponsored Recommendations

Capitalize on Energy Flexibility with These Four Strategies

Feb. 4, 2024
Energy flexibility – the ability to temporarily reduce or shift energy use – can unlock revenue, lower energy costs, and more. Learn how to capitalize on energy flexibility with...

Unlock Hidden Value in ERCOT: Leveraging Data for Customer Success

March 12, 2024
This webinar is a must-attend event for industry professionals seeking innovative energy management solutions driven by data and AI advancements to unlock hidden value in ERCOT...

ESOP’s and Employee Ownership Culture

March 18, 2024
Unlock the power of ESOPs & employee ownership culture! Learn how to build a strong foundation for success & engagement in your business.

Top 3 Ways AI is Transforming Manufacturing Operations

Feb. 17, 2024
Unlock the power of Industry 4.0 with AI and IoT. Explore how real-time data and automation are reshaping manufacturing, driving efficiency and quality to new heights. Dive into...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!