Swiss technology company ABB has completed the sale of its solar inverter business to the Italian inverter manufacturer FIMER.
Financial details of the transaction were not disclosed.
The deal was first announced in July last year after ABB had signed an agreement with FIMER to sell its solar inverter business.
According to the terms of the deal, FIMER will take over ABB’s liabilities.
Currently, ABB’s solar inverter business employs nearly 800 in more than 30 countries. Its manufacturing, research and development facilities are located in Italy, India and Finland.
With the completion of the divestiture, ABB intends to focus on enhancing new business opportunities for its solar inverter business under FIMER.
ABB Electrification business president Tarak Mehta said: “The completion of this divestment is another step forward in our strategy of systematic portfolio management. 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.”
In 2013, ABB’s Discrete Automation and Motion division bought Power-One’s solar inverter business.
This acquisition also became part of ABB’s solar inverter business, which reported revenues of approximately $290m in 2018.
ABB will supply its inverter solutions for the solar photovoltaic (PV) installation.