Siemens Gamesa sells power electronics business to ABB

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Siemens Gamesa sells power electronics business to ABB

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Siemens Gamesa sells power electronics business to ABB

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Published in Business and Finance on Wednesday, December 18th 2024 at 8:00 GMT by Yahoo Finance

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Siemens Gamesa has sold its power electronics division, known as Converter Drives and Applications (CDA), to the French company Valeo for €20 million. This transaction includes the transfer of CDA's operations in Nuremberg, Germany, and its workforce of approximately 150 employees. The sale aligns with Siemens Gamesa's strategy to streamline its business focus on core wind energy technologies, while Valeo aims to enhance its capabilities in electric vehicle technology through this acquisition. The deal is expected to close in the first quarter of 2024, subject to customary closing conditions.

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