● Enhance ABB's leading position in the switch socket market

● Expand marketing network to support business growth

ABB Group today announced that it has signed an agreement to acquire Siemens' switch socket business in China. The acquisition will expand ABB's market reach in the smart buildings sector and provide customers in the region with a richer product portfolio.

The business acquired by ABB includes switch sockets, smart home systems, smart door locks and other home automation products, which will continue to use the Siemens brand under a licensed agreement.

Upon completion of the acquisition, ABB will gain access to Siemens' distribution network in 230 cities in China, while its regional sales, production operations and management expertise will further enrich ABB's service capabilities in this business. Siemens Switch Socket business has a professional team of more than 350 people in China and achieved more than $150 million in revenue in China in 2023. The acquisition will have a positive impact on ABB's bottom line and the transaction is expected to close within the next twelve months. Financial terms were not disclosed.

"This acquisition demonstrates our strategic focus in China and our commitment to growing our business in the country," said Stephen Mustae, global president of Smart Buildings at ABB Electric. With our new sales channels and expanded product portfolio, we will be able to offer a full range of ABB building automation and energy distribution solutions, providing customers with a wider range of reliable and safe smart building technology options."

Original : ABB Electric