ABB places a billion dollar bet on a solar upturn.

FT: ABB “is to buy the US solar energy company Power-One for $1.03bn, in a bet that growing emerging market demand will offset the volatility of a sector in which western firms have recently struggled.” “After struggling with losses, ABB’s rival Siemens signalled last October that it would sell its solar businesses, while Bosch, the privately owned German industrial conglomerate, said in March that it would also withdraw, citing fierce competition in a sector that has been plagued by a glut of capacity in Asia. ….ABB has sales of about $100m in the field, having started its own photovoltaic business four years ago, but the acquisition of Power-One, which had revenues of $1bn in 2012, should increase that figure roughly 10-fold.”