Zurich-headquartered energy company ABB has signed an agreement for the sale of its solar inverter division to Italian solart-PV specialists FIMER.
According to ABB, the move will allow the company to focus on growth markets.
The sale to FIMER also includes Power-One, a solar inverter company which ABB acquired in 2013, that reached $290 million in turnover in 2018.
ABB’s solar inverter division employs approximately 800 employees in over 30 countries worldwide
The deal is expected to be completed early in 2020, subject to the completion of the spin-off process and prior consultation with employee representative bodies.
ABB electrification business president Tarak Mehta said: “The divestment is in line with our strategy of ongoing systematic portfolio management to strengthen competitiveness, focus on quality of revenue and higher growth segments.”
Mehta added: “The combination of the portfolios under FIMER will support further sales growth.
“Through our intelligent low- and medium-voltage offering, ABB will continue to integrate solar power into a range of smart solutions including smart buildings, energy storage and electric vehicle charging.”
FIMER chief executive Filippo Carzaniga said: “We will continue the excellent job carried out by ABB in recent years, combining precious resources, knowledge and expertise in Italy and worldwide.
“With a strengthened portfolio, we are better placed to shape the future of this increasingly strategic business.”