ZURICH, Switzerland — ABB announced it will acquire the PowerTech Converter (PTC) business, a leading supplier of auxiliary power converter solutions for light rail vehicles and metros. The acquisition is an important part of ABB Motion’s external growth strategy.
Owned by RCP, PTC is headquartered in Berlin, Germany and has other facilities in Holzkirchen, Germany and Mount Olive, USA. With around 280 employees, the business generated revenues of approximately €60 million in 2021. Financial terms of the transaction were not disclosed, and the deal is expected to close in the fourth quarter of 2022, subject to clearance from relevant regulatory and anti-trust authorities.
“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.
“We are excited about the opportunity to welcome the PTC team to ABB’s worldwide family and look forward to supporting their innovation and growth journey. PTC’s advanced portfolio, which includes PowerBriX with its silicon carbide (SiC) technology, is highly complementary to our own offering and will allow our Traction division to provide customers with one of the most comprehensive ranges of auxiliary power converters on the market. In addition, customers will benefit from additional technologies in the future, resulting from ABB and PTC’s combined efforts to innovate and develop more energy efficient solutions,” said Edgar Keller, President of ABB’s Traction division.
Auxiliary converters are an essential part of any rail vehicle, as they supply the power needed for vital systems that improve passenger comfort, such as the HVAC system, lighting, safety equipment, doors, as well as charging of the vehicle’s batteries.
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