ABB will take a $430 million charge after quitting the solar inverter business a...
FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann
ZURICH - ABB will take a $430 million charge after quitting the solar inverter business and giving the business to Italy’s FIMER SpA, the Swiss engineering company said on Tuesday. The business making solar inverters, which convert direct power from solar panels into alternating current that can be fed into the electricity grid, had sales of roughly $290 million in 2018.
Around three quarters of the charge is cash ABB will pay to FIMER, while the Zurich company said it also expected up to $40 million in separation costs.
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