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Business Briefs: ABB Buys Siemens Unit, CHIPS Act Impact on Fluid Power

Aug. 11, 2022
A news roundup detailing those stories and a new CEO for electric truck maker Nikola.

A quick take on news from many industries from IndustryWeek parent company Endeavor Business Media’s many publications.

ABB expanded its low-voltage NEMA motor business by acquiring Siemens’ group in a deal announced Thursday, reports EnergyTech’s Rod Walton.

Swiss-based ABB, which already held a substantial NEMA business after its acquisition from Baldor Electric several years ago.

“We have long appreciated the quality and design of these motors,” Jesse Henson, President of ABB’s NEMA motors division, said. “Now that we have met the leadership team behind them, I am even more confident that together we can grow our combined businesses faster than either of us could alone.”

President Biden’s signing of the CHIPS Act creates a $52.7 billion pool of money to fund semiconductor manufacturing in the U.S. A major beneficiary of the new spending, reports Power & Motion’s Sara Jensen, will be the fluid power industry.

Hydraulic equipment producers will supply parts used in chip fabrication. Massive construction projects could lead to new builds for commercial vehicles, almost all of which use hydraulics. And, funds earmarked for technological research will tackle many challenges faces by the fluid power world.

Electric commercial truck company Nikola has a new leader … well, an existing leader with new responsibilities at least.

FleetOwner reports that Michael Lohscheller, president of Nikola since February, will take over as CEO as well.

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