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ABB buys German communications business to boost Power Grids
July 3, 2017 / 9:27 AM / 5 months ago

ABB buys German communications business to boost Power Grids

ZURICH (Reuters) - Electrical products maker ABB said on Monday it had bought a communications networks business from Germany’s Keymile for an undisclosed price to beef up its Power Grids division that investors had once demanded be sold.

FILE PHOTO - The logo of Swiss engineering group ABB is seen at a plant in Zurich, Switzerland September 29, 2016. REUTERS/Arnd Wiegmann/File Photo

The acquisition of Keymile’s communication networks unit, whose 120 employees make equipment and software that helps keep tabs on sprawling electrical grids, is seen closing in the third quarter, Zurich-based ABB said in a statement.

Reporting by John Miller

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