NewswireToday - /newswire/ -
Zurich, Switzerland, 2012/02/28 - ABB (ABBN.VX), the leading power and automation technology group announced that is has completed the public tender offer for Newave Energy Holding SA (NWEN.S), a Switzerland based leader in uninterruptible power supply (UPS) - ABB.com. NYSE: ABB
The transaction, which was announced on December 12, 2011, was valued at CHF 170 million.
The acquisition of Newave advances ABB’s strategy to strengthen its position in the power control and quality market and it facilitates the sale of Newave products and services beyond their traditional markets in Europe through ABB’s worldwide distribution network.
Newave is well known in Europe as an innovative and successful manufacturer of UPS systems. ABB plans to integrate Newave in its Discrete Automation and Motion division, with Newave’s headquarters in Quartino, Switzerland, to become a main location for ABB’s UPS systems. The management of Newave will assume leading positions in ABB’s UPS business, which is expected to grow significantly because of the strategic and operational advantages resulting from the integration of Newave into ABB’s UPS business.
”Combining ABB’s and Newave’s market presence and technological expertise will allow ABB to offer a complete range of UPS solutions to industrial, commercial and datacenter clients with a comprehensive alternating current (AC) and direct current (DC) solutions portfolio, reinforcing its strategic differentiation,” said Ulrich Spiesshofer, ABB Executive Committee member responsible for the Discrete Automation and Motion division. “I am confident that the knowledge, experience and determination in both organizations will result in a strong, cohesive team focused on delivering exceptional products and services to our customers in Europe while opening new growth opportunities around the world.”
“We are very glad that our shareholders accepted ABB’s offer. With ABB’s resources we can significantly extend the reach of Newave’s products and grow further,” said Newave’s Chairman Vllaznim Xhiha. “With the integration into ABB, Newave and its employees have a bright future ahead.”
ABB will now initiate the statutory squeeze-out procedure for the 0.56% shares which have not been tendered in the public tender offer. In addition, Newave will start the delisting process of its shares.
ABB (abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 135,000 people.