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16 July 2008 - ABB, a global power and automation technology group, has signed an agreement to acquire transformer company Kuhlman Electric Corporation of the USA for an undisclosed sum from global private equity firm The Carlyle Group to expand its power products portfolio in the Americas.
Kuhlman Electric manufactures a wide range of high-quality transformers for the industrial and electric utility sectors. Thus, it is well positioned to benefit from the investments required to modernize and expand the US utility infrastructure and to increase industrial efficiency and reliability.
The company is headquartered in Versailles, Kentucky and employs approximately 800 people.
Michel Demaré, ABB's Chief Executive Officer and Chief Financial Officer stated: "This transaction is the first milestone of our acquisition strategy, which is focused on finding bolt-on acquisitions that selectively complement both our product range and geographical presence."
"The addition of Kuhlman Electric's business into our power products portfolio will allow us to further capture opportunities for profitable growth. At the same time, our customers will benefit from our broader offering." ((he added.
ABB plans to integrate Kuhlman Electric's operations into its Power Products business in North America.
The acquisition is subject to customary regulatory approvals, but ABB expects the transaction to close in a few months.
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