Canadian Electrical Industry News Week

ABB

September 25, 2017

ABB has announced that it has acquired 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 percent1 and an operational EBITA margin of approximately 6 percent1. 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.

"This acquisition strengthens our position as partner of choice for electrification globally,  North America and in Canada. We look forward to working with GE Industrial Solutions to create new opportunities in this highly attractive core market for our Electrification Products division.  Our intention is to combine the best of both worlds and make the most of ABB’s technology investment for GE Industrial Solutions’ product pipeline. Together, we will be significantly stronger" said Nathalie Pilon, President, ABB Canada

“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.”

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.”

“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.”

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 AbilityTM 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.

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’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.

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

The transaction is expected to close in H1 2018, subject to customary regulatory clearances. Credit Suisse and Dyal Co. acted as financial advisors to ABB, and Davis Polk & Wardwell provided legal counsel.

More information

The press release and presentation slides are available on the ABB News Center at www.abb.com/news 


Electrician Forum Brought to you by Schneider Electric

Schneider Electric

June 25, 2018

Sponsored by Schneider Electric

Today we are all concerned with the energy we consume within our homes. But how many truly understand the ins and outs of home energy use, and where exactly does the electrician and the development of energy management systems come into play. There is much to consider when discussing home energy use. The consumer first off needs to be informed about energy use, how it is calculated and ultimately billed if they are to make changes to their energy consumption rates. But in terms of educating consumers does the residential electrician have a role? And beyond that are manufacturers developing products designed to help electricians and consumers better understand residential energy use? Throughout this article we will deal with each of these important questions.

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Schneider

A new “future ready” circuit breaker from Schneider Electric is described by the company as the next generation of power distribution for the Internet of Things (IoT) era. Masterpact MTZ increases efficiency and can adapt to ever-evolving needs for safety, reliability and sustainability. The world is becoming more connected, electric, digitized, decarbonized, and decentralized, says Schneider Electric. Power distribution is facing new regulations, becoming more seamless and connected. 

Masterpact MTZ is the latest in a series of circuit breaker innovations, following Masterpact M, and then Masterpact NT/NW.

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Jeremy Herrington

Total Electrical Solutions was founded in 2013 by Jeremy Herrington in Quispamsis, on the outskirts of Saint John, New Brunswick. Since 2013 Jeremy has steadily grown Total Electrical Solutions in the residential, commercial and construction sectors. The growth is primarily the result of Jeremy’s customer first philosophy, plus his over 20 years of industry experience.

Jeremy grew up learning about the industry from his father who was an electrical contractor. Jeremy spent his early years helping and watching his father as a contractor and business owner. After high school Jeremy was, like many, not wholly aware of the course he wished to take and so he began an electrical apprenticeship at his father’s company.

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