Swedish-Swiss engineering group ABB said on June 8 that it is offering to pay 860 million pounds (US$ 1.25 billion) to acquire British-based power supply firm Chloride.
"The combination of Chlorides strong position in the fast-growing medium- to high-power uninterruptible power supplies business with ABB's global reach and complementary power and automation offering provides significant growth opportunities for both businesses," said Joe Hogan, ABB's chief executive.
"The transaction is in line with our strategy to acquire companies especially in areas where demand is converging across both of these businesses," he added.
Chloride employs about 2,500 people and posted revenues of 336 million pounds in the year ending March 31, 2010.
Copyright Agence France-Presse, 2010
