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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)
