Switzerland-based robotics, automation and motors manufacturer ABB announced that it has completed the divestment of its Power Conversion division to AcBel Polytech Inc. with an enterprise value of $505 million, according to a company news release. 
ABB said it expects to record a “small non-operational book gain in income from operations on the sale in the third quarter of 2023.” ABB has now completed all divisional portfolio divestments announced at the end of 2020.
The Power Conversion division is based in Plano, Texas, and employs approximately 1,500 employees worldwide. It earned revenues of approximately $440 million and income from operations of approximately $50 million in 2022, ABB said.
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