By Joshua Kirby

 

ABB Ltd. said Friday that it will sell its power-conversion division to Taiwan's AcBel Polytech Inc. for $505 million, bringing to an end a divestment program set out at the end of 2020.

The business, based in Texas, was acquired in 2018 and isn't core to ABB, the Zurich-based industrial group said. Last year the power-conversion division made revenue of around $440 million and operating earnings of around $50 million, ABB said.

The sale to power-management company AcBel Polytech for $505 million in cash should be completed in the second half of the year, subject to regulatory approvals, ABB said.

The deal completes a divestment program that has included the sale of ABB's mechanical-power transmission business Dodge and the spinoff of turbocharger business Accelleron.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

January 20, 2023 03:06 ET (08:06 GMT)

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