Power-One provides solar inverters, ranging from residential to utility applications, and has a broad global manufacturing footprint. It employs around 3,500 people, mainly across China, Italy, the United States and Slovakia.

ABB CEO Joe Hogan said that the acquisition of Power-One, which is in line with the company’s 2015 strategy, expands the company’s renewables businesses.

Power-One CEO Richard J. Thompson said, "We are happy to join the ABB family and look forward to a bright common future.

"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."