ABB acquisition broadens power offering
ABB has signed an agreement to acquire US transformer company Kuhlman Electric Corporation for an undisclosed amount from global private equity firm The Carlyle Group.
Kuhlman Electric manufactures a range of transformers for the industrial and electric utility sectors.
Michel Demaré, ABB's chief executive officer and chief financial officer stated: "This transaction is the first milestone of our acquisition strategy, which is focused on finding bolt-on acquisitions that selectively complement both our product range and geographical presence. The addition of Kuhlman Electric's business into our power products portfolio will allow us to further capture opportunities for profitable growth. At the same time, our customers will benefit from our broader offering."
ABB plans to integrate Kuhlman Electric's operations into its power products business in North America. The acquisition is subject to customary regulatory approvals. ABB expects the transaction to close in a few months.
Recommended Reading
Electrical manufacturers warn uncertain project pipeline is holding back output
The latest BEAMA Market Pulse survey shows that electrical manufacturers are concerned output could be hit by growing uncertainty in construction.
West Northamptonshire appoints char.gy for 3,000-socket on-street EV rollout
West Northamptonshire Council has selected char.gy to deliver more than 3,000 on-street EV charging sockets.
Are the UK’s industrial growth plans underestimating grid connection risk?
A recent survey from Roadnight Taylor has highlighted that some companies are not fully accounting for grid connection delays in their growth