ABB 26亿美元收购GE工业解决方案业务

ABB to acquire GE Industrial Solutions
ABB收购GE工业解决方案业务

Shaping leadership in electrification
加强在电气领域的领导地位

•    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

•    收购将加强ABB在电气领域全球第二的市场地位
•    GE的非核心业务对ABB却具有重大价值潜力
•    通过深厚的客户关系、极大的安装基数以及广泛的分销网络，扩大ABB北美市场布局
•    允许长期使用GE品牌
•    收购价26亿美元
•    年度成本协同效应约2亿美元
•    ABB和GE建立ABB产品的长期战略供应关系
•    第一年实现运营每股盈利增值
•    收购在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今天宣布收购GE全球电气化解决方案业务GE Industrial Solutions（GE工业解决方案）。 GE工业解决方案在100多个国家拥有深厚的客户关系，在ABB最大的市场——北美市场，有着极大的安装基础。 GE工业解决方案总部位于佐治亚州亚特兰大，在全球拥有约1.35万名员工。2016年，GE工业解决方案的收入约为27亿美元，运营EBITDA利润率约为8％，而运营EBITA利润率则约为6％。 ABB将以26亿美元收购GE工业解决方案业务，该交易将在第一年实现增值。ABB预计在第五年将实现约2亿美元的年度成本协同效应，这将是GE工业解决方案成为同业表现的关键。作为交易和整体价值创造的一部分，ABB和GE已经同意为GE工业解决方案产品和GE今天所提供的ABB产品建立长期战略供应关系。

“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.”

“通过GE工业解决方案，我们加强了全球电气领域排名第二的位置，并扩大了我们进入颇具吸引力的北美市场的布局，”ABB首席执行官史毕福（Ulrich Spiesshofer）说道。“再加上与GE建立长期战略供应关系，这一交易为股东创造了巨大的价值。”

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.”

他补充说，“与GE工业解决方案团队一起，我们将有纪律地执行我们的成熟计划，将该业务作为全球ABB家庭的一部分重新带回同业表现。作为积极业务组合管理的下一步，我们将继续按照‘新阶段’战略转移ABB的业务重心，在北美市场加强竞争力，并通过早周期业务降低风险。” 

“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.”

“这一组合将两个全球拥有广泛电气保护和分销资产的企业结合了在一起，”GE首席执行官John Flannery说道。“ABB重视我们的员工、领域专业知识，以及我们具有深度和经验的细分市场的运营能力。随着两家公司的合作，GE也将通过扩大与ABB的战略供应关系而获益。”

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工业解决方案将被纳入ABB电气产品（EP）业务部，为北美和全球客户提供独特的全球产品组合和全面的产品。他们将受益于ABB的创新技术和ABB Ability数字化方案，以及GE工业解决方案的互补方案和市场准入。收购包括长期使用GE品牌的权利。ABB将保留GE工业解决方案管理团队，并以此建立经验丰富的销售队伍。收购完成后，这笔交易将对ABB电气产品业务部的运营EBITA利润产生初始削弱性效应。ABB承诺在2020年之前将电气产品业务恢复到15-19％的目标利润率。

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电气产品业务部总裁梅塔（Tarak Mehta）表示：“这次收购加强了我们作为全球和北美电气化合作伙伴的地位。我们期待与GE工业解决方案和ABB的客户和渠道商合作，为我们非常有吸引力的核心市场创造新的机会。我们有一个明确的整合计划，以实现这一组合的协同效应，并使我们的合并业务在2020年回到目标利润率。”

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电气产品业务部通过遍布全球的渠道合作伙伴和终端客户网络，每天为世界各地的客户提供超过150万种产品。为了更智能、更可靠的电力供应，从变电站到插座，ABB电气产品业务部提供了全面的中低压产品和解决方案。

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

鉴于此次交易，ABB决定将之前公布的股份回购计划搁置。

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

在取得常规监管许可之后，该交易预计将在2018年上半年完成。