ABB sells its power conversion division for $505 million

Technology
Friday, 20 Jan 2023
4:13 PM MYT

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FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum (SEF) conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) -ABB has sold its U.S.-based power conversion business to AcBel Polytech Inc for $505 million, the Swiss engineering and technology company said on Friday.

Taiwan-based AcBel said the deal would help complete its products portfolio, covering areas including 5G, data centres, high-performance computing and electric vehicle charging while accelerating an upgrade of the power supply industry and development of the North American market.

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ABB sells its power conversion division for $505 million