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ABB acquires China-located Siemens’ Wiring Accessories; expands portfolio
Industry News- May 22,24
The acquisition will also give access to a wide distribution network across 230 cities in China and provide additional expertise from regional sales, manufacturing operations and management teams.
ABB has announced the signing of an agreement to acquire Siemens' Wiring Accessories business in China, aiming to enhance its market reach and complement its regional customer offerings in smart buildings. The acquisition encompasses wiring accessories, smart home systems, smart door locks, and other home automation products, all to be retained under the Siemens brand through a licensing agreement.
Additionally, ABB will gain access to a vast distribution network spanning 230 cities in China and benefit from the expertise of over 350 employees in regional sales, manufacturing operations, and management teams. With revenues exceeding $150 million in 2023, the acquisition is expected to be margin accretive to ABB and is anticipated to close within the next twelve months.
“This acquisition reflects our strategic focus and commitment to growth in China,” said Mike Mustapha, President, ABB Electrification’s Smart Buildings Division. “The new channel to market and expanded offering will help us deliver a full range of ABB building automation and energy distribution solutions, enriching customers’ options for safe and reliable smart buildings technology.”
As a technology leader in electrification and automation, ABB aims to facilitate a more sustainable and resource-efficient future by leveraging engineering expertise and software solutions to optimize manufacturing, transportation, power distribution, and operations. With over 140 years of experience and a workforce exceeding 105,000 employees, ABB remains dedicated to driving innovations that accelerate industrial transformation.
(Source: ABB)
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