ABB to acquire PowerTech Converter to expand its traction offering

PowerTech Converter (PTC) is a leading supplier of auxiliary power converters and aftermarket services for the railway industryAcquisition expands ABB Traction division’s market access and complements its product portfolioABB today announced it will acquire the PowerTech Converter (PTC) business, a leading supplier of auxiliary power converter solutions for light rail vehicles and metros. “Through the acquisition, ABB will expand its strong presence in the rail segment and will be better positioned to seize growth opportunities resulting from increasing industry demand for sustainable transport solutions,” said Tarak Mehta, President ABB Motion. In addition, customers will benefit from additional technologies in the future, resulting from ABB and PTC’s combined efforts to innovate and develop more energy efficient solutions,” said Edgar Keller, President of ABB’s Traction division. www.abb.comImportant notice about forward-looking informationThis press release contains forward-looking statements relating to the acquisition by ABB of PowerTech Converter. Such forward-looking statements can be identified by words such as plans, intends, expects, and other similar terms.