Electrification, ABB acquires GEIS

ABB announced it has completed the acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business, for an amount of $ 2,6 billion. The transaction represents a substantial value creation potential within ABB, including growth opportunities to be leveraged from coupling ABB’s digital offering, ABB Ability, with the extensive GEIS installed base worldwide, and in addition an expanded access to attractive North American market.

ABB expects to increase operational EPS in the first year, and then to realize approximately $ 200 million of annual cost synergies in year five, which will be key in bringing GEIS to peer performance. GEIS will be integrated into ABB’s Electrification Products (EP) division, led by EP president Tarak Mehta, as a new business unit called Electrification Products Industrial Solutions (EPIS). Stephanie Mains, who was previously the president and CEO of the GE Industrial Solutions business, will lead the new business unit as Managing Director.

As part of the transaction, ABB has established a long-term strategic supply relationship with GE to supply them with products and solutions from across the ABB portfolio. Included in the acquisition is a long-term right to use the GE brand.

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