Swiss engineering company ABB Ltd.(ANN.L,ABB) said that it agreed to sell its Power Conversion division to AcBel Polytech Inc. for $505 million in cash.
The transaction is expected to be completed in the second half of 2023.
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.
The division is based in Plano, Texas, USA, and employs about 1,500 employees worldwide, predominantly at three major sites and the US headquarters. It generated revenues of approximately $440 million and Income from operations of approximately $50 million in 2022.
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