7/23/2018
ABB Purchased GE Industrial Solutions
ABB CEO Spiesshofer, "This merger strengthened ABB’s world leader position in the field of electrification, enhanced our growth and competition capacity in key markets particularly like North America."
Head of ABB Electrification Products Tarak Mehta, "Product portfolio of GE Industrial Solutions and ABB is comprehensive. Together we will create a more comprehensive and united portfolio. Altogether we will strengthen ABB’s position as the second in the world in the field of electrification".
ABB, a pioneer technology leader rendering global services in the fields of electrification products, robotic and motion, industrial automation and power networks in public, industrial, transportation and infrastructure sectors in more than 100 countries with 135.000 employees, has announced procurement process of GE Industrial Solutions (GEIS), global electrification solutions of GE, has been completed on 30 June 2018. The procedure to cost USD 2.6 billion presents a noteworhty value creation potential for ABB. ABB expected about USD 200 million saving in annual costs as from fifth year. ABB CEO Spiesshofer: ABB CEO Ulrich Spiesshofer has commented on the subject and said, "We are more than happy to take GE Industrial Solutions into the coverage of ABB. This merger strengthened ABB’s world leader position in the field of electrification, enhanced our growth and competition capacity in key markets particularly like North America. GEIS, one of the first establishments of Thomas Edison, is as the craddel of electrification. We will protect and maintain the heritage of GEIS which is within ABB structure now" . Head of ABB Electrification Products Tarak Mehta GEIS will be integrated into ABB Electrification Products section led by Tarak Mehta as a new work unit under the title of Electrification Products Industrial Solutions (EPIS). Stephanie Mains, earlier serve as the Head of GE Industrial Solutions and also as CEO, will lead this new unit as Director General. Commented on purchase of GEIS, Tarak Mehta said, " Product portfolio of GE Industrial Solutions and ABB is comprehensive. Together we will create a more comprehensive and united portfolio. We will deepen our trace on the world, strengthen our personel and distribution network . We have every intention to put GEIS's installed system into service; thus, we will present more advanced technology and digital based solutions to our customers throughout the world. Altogether we will strengthen ABB’s position as the second in the world in the field of electrification and we will expand our access up to attractive North America market ".
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