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ABB to acquire GE Industrial Solutions
ABB收購GE工業解決方案業務

Shaping leadership in electrification
加強在電氣領域的領導地位

•    Acquisition will strengthen ABB’s #2 global position in electrification
•    Non-core GE business with significant value creation potential within ABB
•    Expands ABB’s access to the North American market through deep customer relationships, large installed base and extensive distribution networks
•    Long-term usage of GE brand agreed
•    Purchase price of $2.6 billion
•    Potential for annual cost synergies of approximately $200 million
•    ABB and GE establish long-term, strategic supply relationship for ABB products
•    Operational EPS accretive in year one
•    Closing expected in H1 2018

•    收購將加強ABB在電氣領域全球第二的市場地位
•    GE的非核心業務對ABB卻具有重大價值潛力
•    通過深厚的客戶關系、極大的安裝基數以及廣泛的分銷網絡，擴大ABB北美市場布局
•    允許長期使用GE品牌
•    收購價26億美元
•    年度成本協同效應約2億美元
•    ABB和GE建立ABB產品的長期戰略供應關系
•    第一年實現運營每股盈利增值
•    收購在2018年上半年完成

ABB today announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market. GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world. In 2016, GE Industrial Solutions had revenues of approximately $2.7 billion, with an operational EBITDA margin of approximately 8 percent and an operational EBITA margin of approximately 6 percent. ABB will acquire GE Industrial Solutions for $2.6 billion; the transaction will be operationally accretive in year one. ABB expects to realize approximately $200 million of annual cost synergies in year five, which will be key in bringing GE Industrial Solutions to peer performance. As part of the transaction and overall value creation, ABB and GE have agreed to establish a long-term, strategic supply relationship for GE Industrial Solutions products and ABB products that GE sources today.

ABB今天宣布收購GE全球電氣化解決方案業務GE Industrial Solutions（GE工業解決方案）。 GE工業解決方案在100多個國家擁有深厚的客戶關系，在ABB最大的市場——北美市場，有著極大的安裝基礎。 GE工業解決方案總部位于佐治亞州亞特蘭大，在全球擁有約1.35萬名員工。2016年，GE工業解決方案的收入約為27億美元，運營EBITDA利潤率約為8％，而運營EBITA利潤率則約為6％。 ABB將以26億美元收購GE工業解決方案業務，該交易將在第一年實現增值。ABB預計在第五年將實現約2億美元的年度成本協同效應，這將是GE工業解決方案成為同業表現的關鍵。作為交易和整體價值創造的一部分，ABB和GE已經同意為GE工業解決方案產品和GE今天所提供的ABB產品建立長期戰略供應關系。

“With GE Industrial Solutions, we strengthen our Number 2 position in electrification globally and expand our access to the attractive North American market,” said ABB CEO Ulrich Spiesshofer. “Combined with the long-term strategic supply relationship with GE, this transaction creates significant value for our shareholders.”

“通過GE工業解決方案，我們加強了全球電氣領域排名第二的位置，并擴大了我們進入頗具吸引力的北美市場的布局，”ABB首席執行官史畢福（Ulrich Spiesshofer）說道。“再加上與GE建立長期戰略供應關系，這一交易為股東創造了巨大的價值。”

He added: “Together with the GE Industrial Solutions team, we will execute our well-established plans in a disciplined way to bring this business as part of the global ABB family back to peer performance. With this next step of active portfolio management, we continue to shift ABB’s center of gravity, in line with our Next Level strategy, by strengthening competitiveness, mainly in the North American market, and lowering risk with an early-cycle business.”

他補充說，“與GE工業解決方案團隊一起，我們將有紀律地執行我們的成熟計劃，將該業務作為全球ABB家庭的一部分重新帶回同業表現。作為積極業務組合管理的下一步，我們將繼續按照‘新階段’戰略轉移ABB的業務重心，在北美市場加強競爭力，并通過早周期業務降低風險。”

“This combination brings together two global businesses with a broad complement of electrical protection and distribution assets,” said John Flannery, CEO of GE. “ABB values our people, domain expertise, and our ability to operate in the segments where we have depth and experience. GE will also benefit through an expanded strategic supply relationship with ABB as the two companies work together.”

“這一組合將兩個全球擁有廣泛電氣保護和分銷資產的企業結合了在一起，”GE首席執行官John Flannery說道。“ABB重視我們的員工、領域專業知識，以及我們具有深度和經驗的細分市場的運營能力。隨著兩家公司的合作，GE也將通過擴大與ABB的戰略供應關系而獲益。”

GE Industrial Solutions will be integrated into ABB’s Electrification Products (EP) division, resulting in a unique global portfolio and very comprehensive offering for North American and global customers. They will benefit from ABB’s innovative technologies and the ABB Ability digital offering coupled with GE Industrial Solutions’ complementary solutions and market access. Included in the acquisition is a long-term right to use the GE brand. ABB will retain the GE Industrial Solutions management team and build upon its experienced sales force. After closing, this transaction will have an initial dampening effect to EP’s operational EBITA margin. ABB commits to returning EP to its target margin corridor of 15-19 percent during 2020.

GE工業解決方案將被納入ABB電氣產品（EP）業務部，為北美和全球客戶提供獨特的全球產品組合和全面的產品。他們將受益于ABB的創新技術和ABB Ability數字化方案，以及GE工業解決方案的互補方案和市場準入。收購包括長期使用GE品牌的權利。ABB將保留GE工業解決方案管理團隊，并以此建立經驗豐富的銷售隊伍。收購完成后，這筆交易將對ABB電氣產品業務部的運營EBITA利潤產生初始削弱性效應。ABB承諾在2020年之前將電氣產品業務恢復到15-19％的目標利潤率。

Tarak Mehta, President of ABB’s EP division, said: “This acquisition strengthens our position as partner of choice for electrification globally and in North America. We look forward to working with GE Industrial Solutions’ and ABB’s customers and channel partners to create new opportunities in this highly attractive core market for our division. We have a clear integration plan to realize the synergies of this combination and to bring our combined business back into the target margin corridor during 2020.”

ABB電氣產品業務部總裁梅塔（Tarak Mehta）表示：“這次收購加強了我們作為全球和北美電氣化合作伙伴的地位。我們期待與GE工業解決方案和ABB的客戶和渠道商合作，為我們非常有吸引力的核心市場創造新的機會。我們有一個明確的整合計劃，以實現這一組合的協同效應，并使我們的合并業務在2020年回到目標利潤率。”

ABB’s EP division delivers more than 1.5 million products to customers around the world every day through a global network of channel partners and end-customers. EP offers a comprehensive portfolio of low- and medium-voltage products and solutions for a smarter, more reliable flow of electricity from substation to socket.

ABB電氣產品業務部通過遍布全球的渠道合作伙伴和終端客戶網絡，每天為世界各地的客戶提供超過150萬種產品。為了更智能、更可靠的電力供應，從變電站到插座，ABB電氣產品業務部提供了全面的中低壓產品和解決方案。

Given this transaction, ABB has decided to put the previously announced share buyback program on hold.

鑒于此次交易，ABB決定將之前公布的股份回購計劃擱置。

The transaction is expected to close in H1 2018, subject to customary regulatory clearances.

在取得常規監管許可之后，該交易預計將在2018年上半年完成。