01 ► Enhance ABB's leading position in the switch socket market and smart building technology
02 ► This acquisition of ABB will gain a broader dealer network, significantly expanding its channel breadth in the Chinese market and expanding its business scope to Southeast Asia, while accelerating its development into the terminal retail market
03 ► Enhance ABB's product portfolio to meet customers' growing demand for safe, reliable, and energy-efficient building solutions
ABB Group announced today that it has completed the acquisition of Siemens' switch socket business in China. Through this acquisition, ABB can not only expand its market coverage, but also better serve regional customers in the field of smart buildings. Siemens' switch and socket business in China achieved over $150 million in revenue in 2024. The acquisition of ABB will result in rich product solutions, a strong distribution network covering 230 cities, and a professional team of 350 people. The transaction was announced on May 17, 2024, and the specific financial terms were not disclosed.
This business will have a positive impact on ABB's profit margin and expand ABB's product portfolio through switch sockets, smart home systems, smart door locks, and other home automation supporting products, which will continue to use the Siemens brand under the terms of the brand license agreement. By enriching its product portfolio and expanding its distribution channels, ABB has significant advantages and can provide innovative integrated solutions to better assist in the modernization and upgrading of building facilities, improve energy efficiency, and address global carbon reduction challenges.
This acquisition further consolidates ABB's leading position in the Chinese switch and socket market, and highlights our long-term growth plan for this business in the Chinese market. Through this acquisition, we have enriched our range of smart building technologies, allowing us to meet the ever-changing needs of users by providing safer, smarter, and more sustainable solutions. We are prepared to provide users with a complete solution covering switch and socket, home and building automation, terminal distribution, and energy management to address the many challenges faced locally, including rapid urbanization, energy transformation, building electrification, decarbonization, as well as advancing artificial intelligence and digitalization processes