ABB has finalized the acquisition of Siemens’ Wiring Accessories business in China, expanding its market presence and enhancing its offerings in the smart buildings sector. This acquisition, expected to generate over $150 million in revenue in 2024, adds a diverse product range, a well-established distribution network spanning 230 cities, and a skilled workforce of 350 employees. The announcement of this acquisition was made on May 17, 2024, though financial terms were not disclosed.
The acquisition will be accretive to ABB’s margins and complements its portfolio with products such as wiring accessories, smart home systems, smart door locks, and additional home automation solutions. These products will continue to be sold under the Siemens brand through a licensing agreement. With an expanded product range and distribution capabilities, ABB is poised to offer integrated, innovative solutions aimed at modernizing buildings, improving energy efficiency, and addressing global challenges like carbon emission reduction.
Mike Mustapha, President of ABB Electrification’s Smart Building Division, stated, “This acquisition bolsters ABB’s position in the Chinese wiring accessories market and aligns with our smart buildings technologies. It enables us to better meet customer demands by delivering safer, smarter, and more sustainable buildings. We are now well-equipped to offer a complete suite of wiring accessories, home automation, energy distribution, and management solutions to tackle key challenges such as rapid urbanization, energy transition, building electrification, decarbonization, and the growing trends in AI and digitalization.”
ABB is a global leader in electrification and automation, committed to shaping a sustainable and resource-efficient future. By combining engineering expertise with digital technologies, ABB helps industries operate at optimal performance, driving efficiency and sustainability. The company has a legacy spanning over 140 years and employs around 110,000 people globally. ABB is listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB).
