(CercleFinance.com) – ABB announced this morning its intention to acquire PowerTech Converter (PTC), a German company specializing in the supply of auxiliary power converters dedicated to light rail vehicles and metros.
Auxiliary converters are essential elements of any railway vehicle, notably making it possible to supply the power necessary for lighting, safety equipment, doors, or even for charging the vehicle’s batteries.
With different sites in Germany (in Berlin and Holzkirchen) and in the United States (in Mount Olive – North Carolina), PTC generated a turnover of approximately 60 ME in 2021, with its 280 employees.
While ABB did not disclose financial terms surrounding the transaction, the group said the deal is expected to close in Q4 2022, subject to regulatory and antitrust approvals.
“Through this acquisition, ABB will expand its strong presence in the rail segment and be better positioned to seize growth opportunities arising from the growing industry demand for sustainable transportation solutions,” said Tarak Mehta, President of ABB. ABBMotion.
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