ABB, a power and automation technology group, and Power-One, a provider of renewable energy and of energy-efficient power conversion and power management solutions, confirmed that ABB has completed its previously announced acquisition of Power-One.

The transaction positions ABB as a leading global supplier of solar inverters, which play a critical role in converting the sun’s energy into electric current and controlling its flow into the power system. Power-One has one of the market’s most comprehensive offerings of solar inverters, ranging from residential to utility applications, and a broad global manufacturing footprint. It also has a power solutions portfolio that is adjacent to ABB’s business. Power-One employs almost 3,500 people, mainly in China, Italy, the United States and Slovakia.

“The acquisition of Power-One expands our renewables businesses and provides substantial opportunities to create value for our customers, employees and shareholders,” says ABB chief executive Joe Hogan.

“The combination of Power-One and ABB is fully in line with our 2015 strategy and creates a global player with the scale to compete successfully. We are pleased to welcome the Power-One employees on board.”

“We are happy to join the ABB family and look forward to a bright common future,” says Power-One chief executive Richard J. Thompson.

“Together we can better address the growing worldwide demand for innovative, renewable energy solutions and strengthen our global leadership. ABB is the right partner and now is the ideal time for our companies to join forces.”

ABB’s leading portfolio in power and automation, global footprint and service organisation make it a natural player in solar PV. ABB has brought its solutions to the solar PV industry for many years. Solar inverters are one of the fastest-developing technologies in power electronics, requiring substantial research and development (R&D) resources. In 2012, ABB invested about $1.5 billion in R&D overall.

“The combination of these two successful companies will create significant value-driven growth based on global reach, high quality and technology leadership,” says ABB’s head of Discrete Automation and Motion division Ulrich Spiesshofer.

“We are looking forward to a successful collaboration.”