On August 11, ABB announced through its official website that it had signed an agreement to acquire Siemens' low-voltage NEMA motor business. 

The business, which has about 600 employees, is reported to have revenue of about $63 million in 2021. Financial terms of the transaction were not disclosed, and the transaction is expected to close in the second quarter of 2023.

The transaction is part of Motion's strategy to achieve profitable growth and will allow NEMA Motors to increase its product offerings, expand its supply chain relationships and improve support for its North American customer base. Tarak Mehta, President of ABB Motion, said: "This acquisition creates significant value for ABB's NEMA motor division. Investing in the business and opening up sales opportunities in North America, especially Mexico, will allow the business to add to ABB Motion's business within 24 months. profit.”

The global NEMA motor industry is approximately $2.7 billion and includes industrial motors primarily used in North America. NEMA motors are essential components used to run equipment in industries such as food and beverage, oil and gas, water and wastewater, and applications such as moving air, liquids, and installations. Jesse Henson, president of ABB's NEMA motor division, added: "We look forward to adding Siemens' low-voltage NEMA motor portfolio to our existing ABB and Baldor-Reliance® industrial motor offerings."