AcBel Polytech Inc. News
ABB Sells Power Conversion Division To AcBel Polytech Inc. For US$ 505 Million
ABB has reached an agreement to sell its Power Conversion division to AcBel Polytech Inc. for US$ 505 million in cash. The transaction is subject to regulatory approvals and is expected to be completed in the second half of 2023. Upon closing, ABB expects to record a small non-operational book gain in income from operations on the sale. The Power Conversion division, formerly Lineage Power, was acquired by ABB as part of the GE Industrial Solutions acquisition in 2018 and is not core to ABB. A...