ABB expands its North American access with the acquisition of GE Industrial Solutions
ABB has acquired GE Industrial Solutions, General Electric’s global electrification solutions business, for $2.6 billion. GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world, and in 2016, produced revenues of approximately $2.7 billion.
“With GE Industrial Solutions, we strengthen our Number 2 position in electrification globally and expand our access to the attractive North American market,” said ABB CEO Ulrich Spiesshofer. “Together with the GE Industrial Solutions team, we will execute our well-established plans in a disciplined way to bring this business as part of the global ABB family back to peer performance.”
GE Industrial Solutions will be integrated into ABB’s Electrification Products (EP) division, resulting in a unique global portfolio and comprehensive offering for North American and global customers. They will benefit from ABB’s innovative technologies and the ABB Ability digital offering coupled with GE Industrial Solutions’ complementary solutions and market access. ABB will retain the GE Industrial Solutions management team and build upon its experienced sales force.
ABB’s EP division delivers more than 1.5 million products to customers around the world every day through a global network of channel partners and end-customers. EP offers a comprehensive portfolio of low- and medium-voltage products and solutions for a smarter, more reliable flow of electricity from substation to socket.
“This combination brings together two global businesses with a broad complement of electrical protection and distribution assets,” said John Flannery, CEO of GE. “ABB values our people, domain expertise, and our ability to operate in the segments where we have depth and experience. GE will also benefit through an expanded strategic supply relationship with ABB as the two companies work together.”
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