ZURICH (dpa-AFX) - ABB Ltd. (ANN.L, ABB), a Swedish-Swiss technology
company, said that it has signed an agreement to acquire Siemens' Wiring
Accessories business in China. Financial terms were not disclosed.

The deal includes wiring accessories, smart home systems, smart door locks and
further peripheral home automation products, which will continue with the
Siemens brand under terms of a licensing agreement.

ABB noted that the acquisition will also give access to a wide distribution
network across 230 cities in China and provide additional expertise from
regional sales, manufacturing operations and management teams. Siemens' Wiring
Accessories business in China generated more than $150 million in revenues in
2023 and includes more than 350 employees.

The business will be margin accretive to ABB and the transaction is expected to
close within the next twelve months.



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