nkt cables and ABB Group have closed the acquisition whereby nkt cables takes over ABB’s high-voltage cables business.
With the acquisition follows around 1,000 employees, state-of-the art facilities for DC high voltage cables production and offshore cables-laying, as well as new key technology and strong project management competences for turn-key deliveries.
The acquisition will significantly change the profile of nkt cables towards a larger project business. Previously, the company had its major activities within low- and medium-voltage cables for buildings and utilities. The new business will have a significantly higher revenue share within offshore windfarms and long-distance interconnectors tying together the European grids.
nkt cables President and CEO Michael Hedegaard Lyng explained: “The offshore wind and interconnectors are some of the fastest growing power cable markets. They are demanding both from a technology and project execution point-of-view, but now we will be perfectly positioned to take a leading role in this industry.”
To fully reflect the new identity of the combined business, the companies will merge under the common name NKT and an updated logo will be introduced. The company will have around 3,800 employees with Sweden as the biggest location with almost 1,200 employees. It is headquartered in Copenhagen, Denmark and Cologne, Germany and will have 11 production sites across Europe.
Silke Funke / nkt cables