ABB Agrees to Buy China Wiring Accessories Business from Siemens
By Pierre Bertrand
ABB said it agreed to buy Siemens's wiring accessories business in China.
The Switzerland-based technology company said it had signed an agreement to buy the business, which focuses on wiring accessories, smart home systems, smart door locks and other home-automation products.
ABB said the acquisition will give it access to a distribution network across 230 cities in China. The business generated more than $150 million in revenue in 2023 and employs more than 350 employees.
ABB didn't disclose financial details, but said the deal was expected within the next 12 months.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 17, 2024 01:27 ET (05:27 GMT)
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