ABB has signed an agreement to acquire US transformer company Kuhlman Electric Corporation for an undisclosed amount from global private equity firm The Carlyle Group.
Kuhlman Electric manufactures a range of transformers for the industrial and electric utility sectors.
Michel Demaré, ABB's chief executive officer and chief financial officer stated: "This transaction is the first milestone of our acquisition strategy, which is focused on finding bolt-on acquisitions that selectively complement both our product range and geographical presence. The addition of Kuhlman Electric's business into our power products portfolio will allow us to further capture opportunities for profitable growth. At the same time, our customers will benefit from our broader offering."
ABB plans to integrate Kuhlman Electric's operations into its power products business in North America. The acquisition is subject to customary regulatory approvals. ABB expects the transaction to close in a few months.