ABB: announces acquisition of PowerTech Converter
(CercleFinance.com) - This morning ABB announced its intention to acquire PowerTech Converter (PTC), a German company specialising in the supply of auxiliary power converters for light rail vehicles and metros.
Auxiliary power converters are essential components of any rail vehicle, providing power for lighting, safety equipment, doors and charging the vehicle's batteries.
With various sites in Germany (in Berlin and Holzkirchen) and the US (in Mount Olive, North Carolina), PTC posted 2021 sales of around 60 million euros, and has 280 employees.
While ABB did not disclose the financial terms of the deal, it said the deal is expected to close in Q4 2022, subject to regulatory and antitrust approvals.
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Auxiliary power converters are essential components of any rail vehicle, providing power for lighting, safety equipment, doors and charging the vehicle's batteries.
With various sites in Germany (in Berlin and Holzkirchen) and the US (in Mount Olive, North Carolina), PTC posted 2021 sales of around 60 million euros, and has 280 employees.
While ABB did not disclose the financial terms of the deal, it said the deal is expected to close in Q4 2022, subject to regulatory and antitrust approvals.
Copyright (c) 2022 CercleFinance.com. All rights reserved.