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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations