July 9, 2019 / 4:59 AM / 2 months ago

ABB quits solar inverter business, takes $430 million charge

ZURICH, July 9 (Reuters) - ABB will take a $430 million charge after quitting the solar inverter business and giving the business to Italy’s FIMER SpA, the Swiss engineering company said on Tuesday.

The business making solar inverters, which convert direct power from solar panels into alternating current that can be fed into the electricity grid, had sales of roughly $290 million in 2018.

Around three quarters of the charge is cash ABB will pay to FIMER, while the Zurich company said it also expected up to $40 million in seperation costs. (Reporting by John Revill)

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