The Los Angeles Post
U.S. World Business Lifestyle
Today: April 04, 2025
Today: April 04, 2025

ABB buys Siemens's wiring accessories business in China

Global Industry exhibition in Villepinte near Paris
June 02, 2024
Reuters - Reuters

ZURICH (Reuters) - ABB has agreed to buy the wiring accessories business of German rival Siemens in China, the Swiss engineering group said on Friday.

The acquisition will broaden ABB's market reach and complement its regional customer offering within smart buildings, the company said. No price was given for the acquisition.

Under the deal, which is expected to close in the next 12 months, ABB is acquiring a business which makes wiring accessories, smart home systems, smart door locks and other home automation products.

The business, which generated sales of more than $150 million in 2023, employs around 350 people.

The acquisition will give access to a distribution network across 230 cities in China and provide additional expertise from regional sales, manufacturing operations and management teams, ABB said.

(Reporting by John Revill)

Related Articles

They voted for Trump in 2024. Months later, his administration fired them Couche-Tard executives to visit Tokyo to speak on $47 billion Seven & i bid Walgreens agrees to be acquired by private equity firm for almost $10 billion University of Minnesota senior shows off snow-clearing robot
Share This

Popular

Business|Political|US|World

Putin envoy on why Americans should believe there will be an outcome in war

Putin envoy on why Americans should believe there will be an outcome in war
Business|Economy|Political|US

Richard Quest explains who feels the immediate impact of Trump tariffs

Richard Quest explains who feels the immediate impact of Trump tariffs
Business|Crime|Economy|Europe|Finance

Scor says it was placed under examination for allegations against former chair

Scor says it was placed under examination for allegations against former chair
Asia|Business|Economy|Finance|Stock Markets

Investors react to global selloff as Japan banks tank

Investors react to global selloff as Japan banks tank

Technology

Business|Economy|Political|Technology|US

Trump says China could get tariff relief if it approves TikTok deal

Trump says China could get tariff relief if it approves TikTok deal
Business|Political|Technology|US

Elon Musk can stay 'as long as he likes' but will want to get back to businesses, says Trump

Elon Musk can stay 'as long as he likes' but will want to get back to businesses, says Trump
Business|Economy|Political|Technology|US

AppLovin bids for TikTok in all markets outside of China

AppLovin bids for TikTok in all markets outside of China
Education|Political|Technology|US

Online feed of event with Fed's Cook hit with porn, Nazi images

Online feed of event with Fed's Cook hit with porn, Nazi images

Access this article for free.

Already have an account? Sign In