ABB Expands Market Reach in China with Acquisition of Siemens’ Wiring Accessories Business

ABB Expands Market Reach in China with Acquisition of Siemens’ Wiring Accessories Business

(IN BRIEF) ABB has announced its agreement to acquire Siemens’ Wiring Accessories business in China, a strategic move aimed at broadening its market reach and enhancing its regional customer offerings within smart buildings. The acquisition encompasses wiring accessories, smart home systems, smart door locks, and other home automation products, which will continue to operate under the Siemens brand through a licensing agreement. With access to a wide distribution network spanning 230 cities in China and the expertise of over 350 employees, ABB anticipates the business to be margin accretive and aims to close the transaction within the next twelve months. Mike Mustapha, President of ABB Electrification’s Smart Buildings Division, emphasizes the acquisition’s alignment with ABB’s growth strategy in China, enabling the delivery of a comprehensive range of building automation and energy distribution solutions to customers.

(PRESS RELEASE) ZURICH, 17-May-2024 — /EuropaWire/ — ABB announced today it has signed an agreement to acquire Siemens’ Wiring Accessories business in China. The acquisition will broaden ABB’s market reach and complement its regional customer offering within smart buildings.

The offering ABB is acquiring includes wiring accessories, smart home systems, smart door locks and further peripheral home automation products, which will continue with the Siemens brand under terms of a licensing agreement.

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. Siemens’ Wiring Accessories business in China generated more than $150 million in revenues in 2023 and includes more than 350 employees. The business will be margin accretive to ABB and the transaction is expected to close within the next twelve months. Financial terms were not disclosed.

“This acquisition reflects our strategic focus and commitment to growth in China,” said Mike Mustapha, President of ABB Electrification’s Smart Buildings Division. “With the new channel to market and expanded offering, we can deliver a full range of ABB building automation and energy distribution solutions, enriching customers’ options for safe and reliable smart buildings technology.”

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered, and operated. Building on over 140 years of excellence, ABB’s more than 105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com

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SOURCE: ABB