ABB will acquire Power-One at about $1 billion in equity value, which includes Power-One’s net cash of $266 million. ABB says the deal complements its growing solar inverter business. Power-One has a comprehensive line of solar inverters, ranging from residential to utility applications, and a global manufacturing footprint. Power-One employs almost 3,300 people, mainly in China, Italy, the US and Slovakia. According to ABB, solar inverter technologies require substantial research and development resources. The transaction is structured as a merger and is subject to the satisfaction of customary closing conditions, including approval of Power-One’s shareholders at a special meeting and receipt of customary regulatory approvals. The transaction is expected to close in the second half of 2013. ABB will finance the transaction out of its own funds.
Affiliated Distributors will distribute energy related products of Toshiba International, including LED lighting systems, low voltage electric motors, low voltage adjustable speed drives and uninterruptible power systems. Affiliated Distributor’s US Electrical Division Supplier Board convened a task force to evaluate the current environment of the LED and lighting markets, resulting in Toshiba being selected as a new member of its supplier community with a rating of 10 stars. Toshiba’s membership is retroactive to January 1, 2013.