GERMANY: ABB is to acquire PowerTech Converter, which supplies auxiliary power converters for light rail vehicle and metro train onboard systems such as HVAC, lighting, safety equipment, doors and battery charging.
Acquired by corporate turnaround specialist Radial Capital Partners from Knorr-Bremse in 2019, PTC has its headquarters in Berlin and facilities at Holzkirchen in Germany and Mount Olive in the USA. It has around 280 employees, and generated revenues of €60m in 2021.
The acquisition announced on September 19 is expected to close in Q4 2022, subject to regulatory approval.
‘PTC’s advanced portfolio, which includes PowerBriX with its silicon carbide technology, is highly complementary to our own offering and will allow our Traction division to provide customers with one of the most comprehensive ranges of auxiliary power converters on the market’, said Edgar Keller, President of ABB’s Traction division.
‘In addition, customers will benefit from additional technologies in the future, resulting from ABB and PTC’s combined efforts to innovate and develop more energy efficient solutions.’