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ABB to buy solar power firm Power-One for $1 billion

2013-04-22 07:44:00| Climate Ark Climate Change & Global Warming Newsfeed

Reuters: Swiss industrial group ABB (ABBN.VX) is to buy solar energy firm Power-One Inc (PWER.O) for about $1 billion, betting growth in emerging markets will revive a sector ravaged by overcapacity and plunging demand in recession-hit Europe. The world's biggest supplier of industrial motors and power grids said on Monday it had agreed to pay $6.35 per share in cash for Power-One, the world's second-largest maker of solar inverters that allow solar power to be fed into grids. That is 57 percent above...

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Category:Electronics and Electrical

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