ABB completes acquisition of GE Industrial Solutions
ABB has acquired the Electrification Division (GEIS) from General Electric for 2.6 bn USD ( 2.2 bn EUR) on June 30, 2018.
GEIS will be integrated into the Electrification Products (EP) division of ABB as the new Electrification Products Industrial Solutions (EPIS) business.
Stephanie Mains, the former head of GEIS, will also head the new area at ABB as Managing Director.
The acquisition includes the long-term right to use the GE brand; a long-term strategic supply relationship between GE and ABB was also agreed.
With this acquisition, ABB sees good chances to expand their position in the attractive North American market.