ABB completes the acquisition of Ge industrial systems business on June 30, 2018, abb announced the completion of the acquisition of Ge industrial systems business (GEIs), that is, GE Global electrification solutions business. ABB announced the acquisition of Ge industrial systems on September 25, 2017. This transaction is expected to achieve an increase in operating earnings per share in the first year
in this price, you can see that a transaction with an inertia value of $2.6 billion for general mechanical and electrical equipment brings great value creation potential to abb, including the growth opportunities created by combining ABB abilitytm digital solution with the huge installed capacity of Ge industrial system business. ABB expects to create cost synergies of about US $200million per year from the fifth year, which is crucial for GE's industrial systems business to achieve industry-level performance
steve, CEO of ABB group, said: "We are very pleased to welcome the participation of Ge industrial systems. This combination will consolidate ABB's global leadership in the field of electrification, accelerate business growth in key markets, especially in North America, and enhance competitiveness. As one of the businesses originally founded by Thomas Edison, Ge industrial systems business is the cradle of electrification. Now it has become a part of ABB, and we will integrate and carry forward this valuable wealth."
ge's industrial systems business will be merged into BB electrical products business division led by Mehta, which has high requirements for speed stability, and become a new business unit - industrial systems business unit (Epis). Stephanie mains, the former president and CEO of GE's industrial systems business, will be the head of the new business unit Epis. As part of the transaction, a is safe and reliable; Components are easy to be serialized, standardized and generalized. BB has established a long-term strategic supplier relationship with Ge to provide ABB products and solutions. The acquisition also includes the long-term right to use the Ge brand
mehta, President of ABB electrical products division, said: "Ge industrial systems and ABB's product portfolio are highly complementary. Through integration, we will have a more comprehensive product portfolio, broader global business coverage, sales force and distribution network. We will be committed to providing professional services to existing customers of Ge industrial systems, and providing ABB's global customers with more technologically advanced, digital products and solutions that better benefit the interconnection of the two peoples. We will further strengthen ABB's role in The world's second leading position in the field of electrification, and continues to expand the North American market. "