Wednesday, July 24, 2013
Power-One Gets Approval From Stockholders On Acquisition
Camarillo-based power conversion and solar inverter manufacturer Power-One has received stockholder approval on the company's $1 billion acquisition by ABB, the company said late Tuesday. Power-One said that 98.0 percent of the shares voted were in favor of the merger, which had been announced in April. Power-One is a major manufacturer of solar power inverters, used to convert the DC power on solar panels into usable, AC power provided through power plugs, in addition to also manufacturing and supplying power supplies for a wide range of devices. Power-One said it has already received the required antitrust approvals on the deal, meaning the deal will close by the end of the week.