ABB will take a $430 million charge after quitting the solar inverter business a...
FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann
ZURICH - ABB will take a $430 million charge after quitting the solar inverter business and giving the business to Italy’s FIMER SpA, the Swiss engineering company said on Tuesday. The business making solar inverters, which convert direct power from solar panels into alternating current that can be fed into the electricity grid, had sales of roughly $290 million in 2018.
Around three quarters of the charge is cash ABB will pay to FIMER, while the Zurich company said it also expected up to $40 million in separation costs.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Box Office: ‘Spider-Man: Far From Home’ Crosses $395 Million Overseas, Nears $600 Million GloballySony’s “Spider-Man Far From Home” is off to a heroic start overseas, crossing $395 million in ticket sales during its first 10 days of release. The comic book adventure, starring …
Read more »
China's war on pollution could boost solar power - studyChina's efforts to reduce chronic air pollution could increase its ability ...
Read more »
Swalwell Quits Presidential Race for House Reelection BidThe California congressman got out before his bid became embarrassing. Others may, and definitely should, follow.
Read more »
Ex-UCLA gynecologist charged with sex abuse has cost university $3.5 million in legal payouts so farA patient who alleged she was sexually assaulted by a UCLA Health gynecologist was awarded $2.25 million in a settlement finalized last month with the University of California regents.
Read more »