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ABB to acquire GE Industrial Solutions for USD2.6 billion 2017.10.01

Zurich, Switzerland - September 25, 2017 - ABB today announced the acquisition of GE Industrial Solutions, GE's global electrification solutions business. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB's biggest market. GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world.

ABB CEO Ulrich Spiesshofer
Photo courtesy of ABB
 

Zurich, Switzerland - September 25, 2017

Shaping leadership in electrification

• Acquisition will strengthen ABB’s #2 global position in electrification

• Non-core GE business with significant value creation potential within ABB

• Expands ABB’s access to the North American market through deep customer relationships, large installed base and extensive distribution networks

• Long-term usage of GE brand agreed

• Purchase price of $2.6 billion

• Potential for annual cost synergies of approximately $200 million

• ABB and GE establish long-term, strategic supply relationship for ABB products

• Operational EPS accretive in year one

• Closing expected in H1 2018

ABB today announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business.

GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market.

ABB Corporate research centers
Research and development activities are conducted at our corporate research centers.
With nine locations in seven countries – China, India, Germany, Poland, Sweden, Switzerland and the United States – we bring together a highly skilled international team of scientists and engineers.
Photo courtesy of ABB
 
GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world.

In 2016, GE Industrial Solutions had revenues of approximately $2.7 billion, with an operational EBITDA margin of approximately 8 percent and an operational EBITA margin of approximately 6 percent.
2016 GE Industrial Solutions financial information adjusted to ABB financial definition.

The ABB Corporate Research Center in Poland is located in the city of Krakow.
Krakow has a long tradition of academic excellence with its numerous universities, research institutes and other scientific organizations.
Photo courtesy of ABB
 

ABB will acquire GE Industrial Solutions for $2.6 billion; the transaction will be operationally accretive in year one.

ABB expects to realize approximately $200 million of annual cost synergies in year five, which will be key in bringing GE Industrial Solutions to peer performance.

Courtesy of ABB
 
As part of the transaction and overall value creation, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE Industrial Solutions products and ABB products that GE sources today.


Courtesy of ABB
 
“With GE Industrial Solutions, we strengthen our Number 2 position in electrification globally and expand our access to the attractive North American market,” said ABB CEO Ulrich Spiesshofer.
“Combined with the long-term strategic supply relationship with GE, this transaction creates significant value for our shareholders.”

Courtesy of ABB
 
He added:

“Together with the GE Industrial Solutions team, we will execute our well-established plans in a disciplined way to bring this business as part of the global ABB family back to peer performance. With this next step of active portfolio management, we continue to shift ABB’s center of gravity, in line with our Next Level strategy, by strengthening competitiveness, mainly in the North American market, and lowering risk with an early-cycle business.”

Courtesy of ABB
 
“This combination brings together two global businesses with a broad complement of electrical protection and distribution assets,” said John Flannery, CEO of GE.
“ABB values our people, domain expertise, and our ability to operate in the segments where we have depth and experience. GE will also benefit through an expanded strategic supply relationship with ABB as the two companies work together.”

Courtesy of ABB
 
GE Industrial Solutions will be integrated into ABB’s Electrification Products (EP) division, resulting in a unique global portfolio and very comprehensive offering for North American and global customers.

Courtesy of ABB
 
They will benefit from ABB’s innovative technologies and the ABB AbilityTM digital offering coupled with GE Industrial Solutions’ complementary solutions and market access.

Courtesy of ABB
 
Included in the acquisition is a long-term right to use the GE brand. ABB will retain the GE Industrial Solutions management team and build upon its experienced sales force.

Courtesy of ABB
 
After closing, this transaction will have an initial dampening effect to EP’s operational EBITA margin.

Courtesy of ABB
 
ABB commits to returning EP to its target margin corridor of 15-19 percent during 2020.

Courtesy of ABB
 
Tarak Mehta, President of ABB’s EP division
, said:
“This acquisition strengthens our position as partner of choice for electrification globally and in North America. We look forward to working with GE Industrial Solutions’ and ABB’s customers and channel partners to create new opportunities in this highly attractive core market for our division. We have a clear integration plan to realize the synergies of this combination and to bring our combined business back into the target margin corridor during 2020.”

Courtesy of ABB
 
ABB’s EP division delivers more than 1.5 million products to customers around the world every day through a global network of channel partners and end-customers.

Courtesy of ABB
 
EP offers a comprehensive portfolio of low- and medium-voltage products and solutions for a smarter, more reliable flow of electricity from substation to socket.

Courtesy of ABB
 
Given this transaction, ABB has decided to put the previously announced share buyback program on hold.

Courtesy of ABB
 
The transaction is expected to close in H1 2018, subject to customary regulatory clearances.

Courtesy of ABB
 
Credit Suisse and Dyal Co. acted as financial advisors to ABB, and Davis Polk & Wardwell provided legal counsel.


About GE Industrial Solutions

Since Thomas Edison patented the world’s first circuit breaker, GE Industrial Solutions has been transforming the future of electrification.

We design electrical solutions at the crossroads of digital and industrial – smart, rugged and equipped to control electricity from the grid to its point of use.

Every day, we partner with our customers to solve their toughest energy challenges and reimagine industry in a way that only the world’s digital industrial company can.

http://www.geindustrial.com/  


About GE

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive.

 
 
GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect.

Each invention further fuels innovation and application across our industrial sectors.

With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.


www.GE.com  


About ABB

ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally.

 
 
Continuing more than a 125-year history of innovation, ABB today is writing the future of industrial digitalization and driving the Energy and Fourth Industrial Revolutions.

ABB operates in more than 100 countries with about 136,000 employees.

www.abb.com  

ABB has invested more than $11 billion in the United States since 2010 and employs approximately 20,000 people across the country, with more than 60 R&D and manufacturing sites nationwide.


For more information please contact:

Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com  

Investor Relations
Phone: +41 43 317 71 11
Email: investor.relations@ch.abb.com  

ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland


Source: ABB Ltd

http://new.abb.com/  



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