AcBel complete the acquisition of ABB' power conversion division
ABB announced it has completed the divestment of its Power Conversion division to AcBel Polytech Inc. with an enterprise value of $505 million. AcBel makes switching power supply solutions for a wide range of applications including PCs, smart home appliances, smartphones, servers, and networking equipment.
ABB said it expects to record a small non-operational book gain in Income from operations on the sale in the third quarter of 2023. With this transaction, ABB has completed all divisional portfolio divestments announced at the end of 2020.
The Power Conversion division is based in Plano, Texas, USA, and employs roughly 1,500 employees worldwide. It generated revenues of approximately $440 million and Income from operations of approximately $50 million in 2022.