Italian inverter maker Fimer has completed its purchase of ABB’s manufacturing and R&D sites in Finland, India and Italy, along with 800 employees in 26 countries. Fimer said the combined business will ship more than 7 GW of inverters this year.
Italian inverter manufacturer Fimer has completed the acquisition of the inverter business of Swiss conglomerate ABB which it started in July.
Fimer confirmed the transaction included all of ABB’s manufacturing and R&D sites in Finland, India and Italy and 800 employees in 26 different countries. The buyer still has not announced the full cost of the deal and ABB also failed to do so in its July financials.
The Swiss company did, however, admit it would shoulder six-year costs of around $430 million (€388 million) in relation to the transaction, connected to product warranty provisions. ABB also said it expected ‘separation costs’ of $40 million as a result of the deal.
The new owner said ABB’s inverter business generated around €340 million in revenue last year.