Facebook Twitter K1-TEXT Email Print

News

Bartlesville

Posted: Jul 25, 2019 11:32 AMUpdated: Jul 25, 2019 12:34 PM

ABB to Pay Fimer to Take Solar Inverter Business

Share on RSS

 

Garrett Giles

ABB is paying $470 million for Fimer – an Italian solar inverter maker – to take its solar inverter business off its hands.

Bartlesville Development Authority President David Wood said Thursday that he does not see declining margins in the solar arena impacting ABB’s gas chromatograph business in Bartlesville. The deal is slated to close in the first quarter of 2020.

According to a report from Electric Utility Consultant Inc., ABB said it will take an after-tax non-operational charge of $470 million with about 75-percent going to Fimer as a cash payment. ABB will pay Fimer from the deal closing date through 2025. There will be another $40 million in separation costs expected in the second half of 2019.

It is said that Fimer is the world’s eighth largest inverter manufacturer. The EUCI report also indicates that while the solar market is growing, the hardware costs of installations, under market competition, have dropped 70-percent in a decade.

ABB, a Swedish-Swiss multinational company focused on robotics and powers systems, said its inverter business has approximately 800 employees in more than 30 countries, with manufacturing and R&D sites located in Italy, India and Finland.

You can find EUCI report here.


« Back to News