ABB today announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business, according to an ABB press release.
The release said, “GE Industrial Solutions is headquartered in Atlanta, GA, and has about 13,500 employees around the world. In 2016, GE Industrial Solutions had revenues of approximately $2.7 billion. … As part of the transaction and overall value creation, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE Industrial Solutions products and ABB products that GE sources today.”
“With GE Industrial Solutions, we strengthen our #2 position in electrification globally and expand our access to the attractive North American market,” said ABB CEO Ulrich Spiesshofer. “Combined with the long-term strategic supply relationship with GE, this transaction creates significant value for our shareholders.”
Details to follow in continuing coverage in Electrical Marketing.
Here's a presentation ABB prepared discussing the rationale behind the acquisition of GE Industrial Solutions: Leadership in electrification (ABB)
Update: Expanded coverage for Electrical Marketing subscribers: Channel and Brand Are Key to ABB Deal for GE Industrial Solutions
