ABB announces that it has signed an agreement to acquire Siemens' wiring accessories business in China.

The acquisition will broaden ABB's market reach and complement its regional offering for smart building customers.

The acquisition includes wiring accessories, smart home systems, smart locks and other home automation peripheral products, which will continue to carry the Siemens brand under a licensing agreement.

The acquisition will also provide access to an extensive distribution network covering 230 cities in China.

Siemens' wiring accessories business in China generated more than $150 million in revenues in 2023 and includes more than 350 employees.

The transaction is expected to close within the next twelve months. Financial terms were not disclosed.

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