ZÜRICH, Switzerland — ABB announced today it has signed an agreement to acquire Siemens’ Wiring Accessories business in China. The acquisition will broaden ABB’s market reach and complement its regional customer offering within smart buildings.
The offering ABB is acquiring includes wiring accessories, smart home systems, smart door locks and further peripheral home automation products, which will continue with the Siemens brand under terms of a licensing agreement.
The acquisition will also give access to a wide distribution network across 230 cities in China and provide additional expertise from regional sales, manufacturing operations and management teams. Siemens’ Wiring Accessories business in China generated more than $150 million in revenues in 2023 and includes more than 350 employees. The business will be margin accretive to ABB and the transaction is expected to close within the next twelve months. Financial terms were not disclosed.
“This acquisition reflects our strategic focus and commitment to growth in China,” said Mike Mustapha, President of ABB Electrification’s Smart Buildings Division. “With the new channel to market and expanded offering, we can deliver a full range of ABB building automation and energy distribution solutions, enriching customers’ options for safe and reliable smart buildings technology.”
Tagged with ABB, electrification, Siemens