ABB acquires Siemens' switch and socket business in China, deepening its electrical business layout

ABB Group announced that it has signed an agreement to acquire Siemens' switch and socket business in China. The acquisition will expand ABB's market coverage in the field of smart buildings and provide customers in the region with a richer product portfolio.

The business acquired by ABB this time includes switches and sockets, smart home systems, smart door locks and other home automation supporting products, which will continue to use the Siemens brand under the authorized agreement.

After the acquisition is completed, ABB will obtain Siemens' distribution network in 230 cities in China. At the same time, its regional sales, production operations and management expertise will further enrich ABB's service capabilities for this business. Siemens' switch and socket business has a professional team of more than 350 people in China and achieved operating income of more than US$150 million in China in 2023. The acquisition will have a positive impact on ABB's profits, and the transaction is expected to be completed within the next twelve months. Financial terms were not disclosed.

Mustafa Mustafa, President of ABB Electrical Smart Buildings, said: "This acquisition reflects our strategic focus in China and our commitment to business growth in China. With new sales channels and an expanded product portfolio, we can offer a full range of ABB building automation and energy distribution solutions, providing customers with richer, reliable and safe smart building technology options."

ABB is a technology leader in electrical and automation, committed to enabling a more sustainable and efficient future. ABB integrates engineering experience and software technology into solutions to optimize manufacturing, transportation, energy and operations. With a history of more than 140 years of excellence, ABB's approximately 105,000 employees around the world are working hard to promote innovation and accelerate industrial transformation. ABB has a full range of business activities in China, including R&D, manufacturing, sales and engineering services, with approximately 30 local companies and approximately 15,000 employees in nearly 130 cities, and online and offline channels covering approximately 700 cities across the country.