- ABB (NYSE:ABB) will pay up to $470M to hand over its loss-making solar inverter business to Italy’s FIMER, highlighting the tough conditions in the solar industry where prices have fallen in the face of Chinese competition and increased production.
- An after-tax non-operational charge of approximately $430M wil be taken in the second quarter of 2019 to get rid of the business, with up to three quarters of the money being cash paid to FIMER.
- An extra $40M will come in separation costs, ABB added, with the deal due to be completed in the first quarter of 2020.
- ABB -2.5% premarket