Jul 26, 2013 - Swiss engineering group ABB Ltd (VTX:ABBN) said Thursday it had completed the USD-1-billion (EUR 757m) takeover of US solar inverter maker Power-One Inc (NASDAQ:PWER), positioning itself as a major global supplier of solar inverters.
According to the buyer's CEO Joe Hogan, the transaction expands ABB's renewable operations and opens great investment opportunities. Under the deal, unveiled in April, the Swiss group acquired Power-One for USD 6.35 per share in cash.
Earlier this week Power-One's shareholders approved the deal with 98% of the voting shares, or 73.3% of Power-One's total outstanding stock as of June 18, supporting the acquisition.
Power-One has a personnel of nearly 3,500 people, mainly in China, Italy, the US and Slovakia. In May, it booked a net loss of USD 7.2 million for the first quarter of 2013, against a profit of USD 5 million a year ago. Sales amounted to USD 204.6 million, down from USD 225.7 million, with USD 146 million of the total coming from the renewable energy solutions segment. For the second quarter of 2013, the company expects higher demand in the US, as well as seasonal improvement for its power solutions unit. Yet, the improvement is seen to be offset by lower demand in Germany and Italy.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.