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ABB, Zurich, Switzerland, has agreed to sell the Power Solutions business of Power-One to Bel Fuse Inc. (NASDAQ:BELFA and NASDAQ:BELFB), Jersey City, NJ, for approximately $117 million. The sale is expected to close in the second quarter of 2014.
ABB is divesting Power Solutions because of a limited fit and few synergies with ABB’s other businesses. The unit was part of ABB’s acquisition of Power-One, whose solar inverter business is core to ABB’s renewable strategy and will remain in the portfolio of the group.
“The divestment is in line with our strategy to continuously optimize our portfolio and to focus our efforts on driving profitable growth in our core automation and power businesses,” said Ulrich Spiesshofer, ABB's CEO.
“This sale will allow us to focus on the solar power inverter products, while enabling the Power Solutions business to become part of a company focused on the manufacturing, distribution and sales of power supply products,” said Pekka Tiitinen, head of ABB’s discrete automation and motion division.