ABB has agreed to acquire solar energy company Power-One for about $1 billion.
ABB is acquiring California-based Power-One for $6.35 per share. The company employs nearly 3,300 people, most of them in China, Italy, the U.S. and Slovakia.
Solar-One makes solar inverters that are used in residential and utility solar photovoltaic, or PV, systems.
ABB, which has its North American headquarters in Cary, makes equipment for utilities and heavy industry, including robots, instruments, motors and transmission components.
ABB employs about 2,000 in North Carolina, including 300 in Cary and another 300 at ABB's power division headquarters at N.C. State University's Centennial Campus.
“Solar PV is becoming a major force reshaping the future energy mix because it is rapidly closing in on grid parity,” said ABB’s CEO, Joe Hogan, in a statement.
“Power-One is a well-managed company and is highly regarded as a technology innovator focusing on the most attractive and intelligent solar PV product.”