Acquisition of Comem SpA to bring complementary products
Zurich, Switzerland, May 28, 2009 - ABB, the leading power and automation technology group, has agreed to acquire Comem SpA, Italy, to expand its portfolio in the transformer components business.
Comem is a manufacturer of high-quality transformer components, selling products under its own name and under the Elmek brand. Based close to Vicenza, Italy, Comem has plants and operating units in Italy, Turkey, Brazil and China, and generated revenues of more than $70 million in 2008.
The acquisition will complement ABB's existing transformer business by adding components for European standards (IEC) which are currently not manufactured within ABB. The company is privately owned and employs about 400 people.
"This is a "bolt-on" acquisition, very much in line with our business strategy," said Bernhard Jucker, head of ABB's Power Products division. "Comem's high-quality components will strengthen our transformer portfolio and facilitate our continued growth in this business."
The transaction is subject to customary regulatory approvals. The parties have agreed not to disclose the details of the transaction.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 120,000 people.