KEY POINTS:
ABB, a global power and automation technology company, has today bought Napier firm Vectek Electronics.
Vectek have developed technology to improve the quality of the power supply in industrial installations, which helps to reduce downtime and increase productivity.
The business has 73 employees as well as a research and development centre in Napier.
No job losses are expected as part of the change of ownership, Vectek said today.
"For the next stage of growth and to become a truly international player, Vectek needs the channels to the global market and financial power, which ABB provides", Vectek CEO John Penny said.
"The sale of Vectek comes at a very good time in the company's growth, and all directors are fully supportive of the sale."
ABB said precise terms of the transaction are not being disclosed.
"In addition to demonstrating our kiwi ingenuity and talent for being innovative, Vectek's products will strengthen ABB's reputation for developing and delivering leading edge technology", said Grant Gillard,
Managing Director of ABB in New Zealand.
Modern electricity networks, while very secure from blackouts, suffer from variations in power quality that can result in very costly production shutdowns and variations in the quality of goods produced in industrial plants.
Vectek's high-power electronic converters use Active Voltage Conditioning (AVC) technology to mitigate the effect of voltage surges and sags, creating a more stable and continuous supply, ABB said.
The product is designed for industrial, commercial and marine applications, and has already been introduced in the US and in a number of Asian markets.
