ABB holds on to solar business, expects growth - report

Jun 20, 2013 - Swiss-Swedish power and automation technology group ABB (VTX:ABBN, STO:ABB) plans to hold on to its solar business as it expects future growth in this sector in the future.

Maxine Ghavi, the head of ABB's solar business, said in an interview with German daily Handelsblatt that the solar energy market is expected to be stable and profitable in the long term.

The global solar energy market is seen growing by more than 10% per year in the next years, Ghavi said.

ABB's manager also said that the company is open for potential acquisitions in the solar business, but is interested in strengthening its existing activities such as those with control systems and the connection of solar parks to the grid. However, ABB is not interested in investing in solar cells, Ghavi said.

A few days ago, German engineering group Siemens AG (ETR:SIE) announced it had not been able to find a buyer for its loss-making solar business and will therefore close the division.

Bosch has also decided to exit the business with solar technology due to losses.

The whole solar industry is struggling with strong competition from Asia.

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