ABB announced it will acquire the PowerTech Converter (PTC) business

PowerTech Converter (PTC) business is a leading supplier of auxiliary power converter solutions for light rail vehicles and metros. The business revenue is estimated at approximately €60 million in 2021.

“Through the acquisition, ABB will expand its strong presence in the rail segment and will be better positioned to seize growth opportunities resulting from increasing industry demand for sustainable transport solutions,” said Tarak Mehta, President ABB Motion.

The acquisition is an important part of ABB Motion’s external growth strategy. The deal is expected to close in the fourth quarter of 2022, subject to clearance from relevant regulatory and anti-trust authorities.

Source of information: global.abb