Thursday, March 21st, 2019

ABB bets on solar power with $1 billion takeover

Logo of Swiss engineering group ABB is seen on a building in ZurichBy Silke Koltrowitz ZURICH (Reuters) – Swiss industrial group ABB is to buy U.S. solar energy company Power-One Inc for about $1 billion, betting that growth in emerging markets will revive a sector ravaged by overcapacity and weakening demand in recession-hit Europe. The world's biggest supplier of industrial motors and power grids said on Monday it had agreed to pay $6.35 per share in cash for Power-One, the second-largest maker of solar inverters that allow solar power to be fed into grids. …

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