ABB to quit solar inverter business

Switzerland-based ABB and Italian company FIMER have signed an agreement under which FIMER will acquire ABB’s solar inverter business. The company announced in a media statement that the transaction is expected to enhance the prospects of the solar inverter business and enable ABB to focus on its core business portfolio in other growth markets. With this, ABB expects to take an after-tax non-operational charge of approximately $430 million in the second quarter of 2019. Around 75 per cent of this charge is represented by cash outflows that ABB will pay to FIMER from the deal closing date through the year 2025.

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