ZURICH: Swiss industrial group ABB is to buy solar energy firm Power-One Inc for about US$1bil, betting growth in emerging markets will revive a sector ravaged by overcapacity and plunging demand in recession-hit Europe.
The world's biggest supplier of industrial motors and power grids said yesterday it had agreed to pay US$6.35 per share in cash for Power-One, the world's second-largest maker of solar inverters that allow solar power to be fed into grids. That is 57% above Power-One's closing price on Friday. Reuters