The Swiss technology corporation ABB has announced the acquisition of Siemens’ Wiring Accessories division in China. The portfolio includes switch ranges, smart home systems, door communication, and other supplementary products for home control.

These products are to continue to be marketed under the Siemens brand, based on a licensing agreement, as ABB announced on Friday morning. Financial details of the agreement were not disclosed.

Through the acquisition, ABB gains access to an extensive distribution network in 230 Chinese cities, as well as additional expertise from regional sales, manufacturing, and management teams.

In 2023, the Wiring Accessories division of Siemens in China generated revenue of more than 150 million US dollars and employs over 350 employees. ABB expects the business to make a positive contribution to margin.

The transaction is expected to be completed within the next twelve months.

The Siemens share temporarily fell by 2.03 percent to 171.44 euros in XETRA trading.