ABB said the divestment of its PV inverter business to Fimer will allow it to focus on other growth segments while providing business opportunities to the segment now owned by Fimer. Pictured is Fimer’s Italian headquarters. (Photo Credit: Fimer SpA)
- Fimer is now officially the owner of ABB’s PV inverter business as the divestment processes have completed
- Fimer now owns two production facilities of ABB, one each in Italy and India, apart from its own fab in Italy
- According to the Italian manufacturer, the divestment over it now aims for over 7 GW sales by the end of 2020
ABB has completed the divestment of its stake in its solar PV inverter business to Italian inverter manufacturer Fimer SpA, less than a year after the Swiss technology company first announced its decision to exit the business and take a $430 million charge in Q2/2019 (see ABB Selling Solar Inverter Business).
The company says this transaction, whose financial details were not revealed, will enable its electrification business to improve the focus of its business portfolio on priority growth markets. With its PV inverter business under Fimer, ABB says this will bring business opportunities for this segment to the Italian manufacturer.
Fimer now owns ABB’s one PV inverter production site in Terranuova Bracciolini in Italy, and another one in Bangalore, India. It already has a production site of its own in Vimercate, Italy. The Italian company says it now expects more than 7 GW of sales by the end of 2020.
Post this acquisition, Fimer says it will focus on digitization of processes for its business, distributed generation and develop innovative storage systems and micro-grids that can operate both when connected to the grid and independently.
“The completion of this divestment is another step forward in our strategy of systematic portfolio management,” said Tarak Mehta, President of ABB’s electrification business . “It strengthens our competitiveness and allows us to focus on other growth segments. ABB will continue to integrate solar power into a range of solutions for smart buildings, energy storage and electric vehicle charging throughout intelligent low- and medium-voltage offering.”