ABB Completes Acquisition of Siemens' Switch Socket Business in China
BB Group has announced the completion of its acquisition of Siemens' switch and socket business in China, further enhancing ABB's leading position in the switch and socket market and smart building technologies.
This acquisition gives ABB access to Siemens' distribution network across 230 cities in China, as well as a professional team of 350 people, providing strong support for the company's expansion in the Chinese market.
Following this acquisition, ABB will achieve over $150 million in revenue from Siemens' switch and socket business in 2024, further strengthening its competitiveness in the Chinese market. The deal was announced on May 17, 2024, with specific financial terms not disclosed. This acquisition is expected to have a positive impact on ABB's profits, with the transaction anticipated to be completed within the next twelve months.
It is understood that the related Siemens business in China had revenues exceeding $150 million in 2024, with a distribution network covering 230 cities and a professional team of 350 people. This acquisition will significantly expand ABB's market coverage and accelerate its penetration into the end retail market. Post-acquisition, ABB will continue to use the Siemens brand under a brand licensing agreement, offering safer, smarter, and more sustainable smart building solutions to assist in modernizing building facilities and improving energy efficiency, addressing global carbon reduction challenges.
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ABB Completes Acquisition of Siemens' Switch Socket Business in China
