ABB finishes purchase of Power-One

ABB completed its previously announced purchase of Power-One, a provider of renewable energy and of energy-efficient power conversion and power management solutions.

ABB said it acquired Power-One because of its solar energy inverter portfolio, which includes residential and utility applications and a global manufacturing base. Power-One employs almost 3,500 people, mainly in China, Italy, the U.S. and Slovakia.

Solar inverters are one of the fastest-developing technologies in power electronics, requiring research and development (R&D) resources, according to ABB.

The ABB Group of companies operates in around 100 countries and employs about 145,000 people. In the U.S., ABB had revenues of $6.7 billion and its workforce grew to nearly 20,000 employees in 2012.

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