ABB to Acquire Power-One to Become a Global Leader in Solar Photovoltaic (PV) Inverters

ABB to Acquire Power-One to Become a Global Leader in Solar Photovoltaic (PV)
Inverters

  *The boards of ABB and Power-One have agreed to a transaction in which ABB
    will acquire Power-One at $6.35 per share or approximately $1 billion
    equity value, which includes Power-One's net cash of $266 million
  *Combination creates global leader in the most attractive and "intelligent"
    part of the PV value chain
  *Deal gives Power-One access to ABB's substantial R&D, global service and
    sales capabilities and complements ABB's growing inverter business and
    leadership in power electronics
  *Right time: Solar PV industry is set for 10 percent-plus annual growth as
    PV-generated power rapidly approaches grid parity in many countries and
    will change the energy mix in the long term
  *Management continuity ensured
  *Integration with proven approach into the Discrete Automation and Motion
    division
  *Transaction expected to close in 2H 2013, subject to shareholder and
    regulatory approvals

ZURICH, Switzerland, April 22, 2013 (GLOBE NEWSWIRE) -- ABB (NYSE:ABB), the
leading power and automation technology group, and Power-One, Inc.
(Nasdaq:PWER), a leading provider of renewable energy and of energy-efficient
power conversion and power management solutions, today announced that their
boards of directors have agreed to a transaction in which ABB will acquire
Power-One for $6.35 per share in cash or $1,028 million equity value.

The transaction would position ABB as a leading global supplier of solar
inverters – the "intelligence" behind a solar PV system – to a market
forecasted by the International Energy Agency to grow by more than 10 percent
per year until 2021. This rapid growth is being driven by rising energy
demand, especially in emerging markets, rising electricity prices and
declining costs.

"Solar PV is becoming a major force reshaping the future energy mix because it
is rapidly closing in on grid parity," said ABB's CEO, Joe Hogan. "Power-One
is a well-managed company and is highly regarded as a technology innovator
focusing on the most attractive and intelligent solar PV product. The
combination of Power-One and ABB is fully in line with our 2015 strategy and
would create a global player with the scale to compete successfully and create
value for customers, employees and shareholders."

Power-One has one of the market's most comprehensive offerings of solar
inverters, ranging from residential to utility applications, and a broad
global manufacturing footprint. It also has a power solutions portfolio that
is adjacent to ABB's power conversion business. Power-One employs almost 3,300
people, mainly in China, Italy, the US and Slovakia. In 2012, it generated
$120 million in earnings before interest, taxes, depreciation and amortization
(EBITDA) on sales of approximately $1 billion.

"This transaction delivers significant value to our shareholders and will
enable Power-One to accelerate its growth," said Richard J. Thompson, CEO of
Power-One. "Together we can better address the growing worldwide demand for
innovative, renewable energy solutions and strengthen our global leadership. I
believe ABB is the right partner and now is the ideal time for our companies
to join forces."

ABB's leading portfolio in power and automation, global footprint and service
organization make it a natural player in solar PV. For many years ABB has
brought its solutions to the solar PV industry and is on track to generate
sales of more than $100 million in solar inverters in 2013. Solar inverters
are one of the fastest-developing technologies in power electronics, requiring
substantial research and development (R&D) resources. In 2012, ABB invested
about $1.5 billion in R&D overall.

"The combination of these two successful companies will create significant
value-driven growth based on innovation – which means inverters offer
opportunities for differentiation – global reach, high quality and technology
leadership," said Ulrich Spiesshofer, head of ABB's Discrete Automation and
Motion division, into which Power-One will be integrated. "The acquisition
supports the implementation of the division's strategy for renewable energy
and the goal to build on our strength in power electronics."

The transaction is structured as a merger and is subject to the satisfaction
of customary closing conditions, including approval of Power One's
shareholders at a special meeting and receipt of customary regulatory
approvals. The merger agreement contains certain agreed deal protection
mechanisms. Investment funds affiliated with Silver Lake Sumeru have entered
into an agreement to vote in favor of the transaction. The transaction is
expected to close in the second half of 2013. ABB will finance the transaction
out of its own funds.

Credit Suisse acted as financial advisor to ABB, and Cleary Gottlieb Steen &
Hamilton LLP acted as legal advisor. Goldman Sachs & Co. acted as financial
advisor to Power-One, and Gibson, Dunn & Crutcher LLP as legal advisor.

ABB (www.abb.com) is a leader in power and automation technologies that enable
utility and industry customers to improve their performance while lowering
environmental impact. The ABB Group of companies operates in around 100
countries and employs about 145,000 people. In the United States, ABB had
revenues of $6.7 billion and its workforce grew to nearly 20,000 employees in
2012.

Power-One, Inc. (www.power-one.com) is a leading provider of renewable energy
and energy-efficient power conversion and power management solutions and a
leading designer and manufacturer of photovoltaic inverters. Its renewable
energy products enable the industry's highest yielding conversion of power
from solar arrays for use by utilities, commercial enterprises and homes.
Power-One has a 40-year history as a leader in high efficiency and high
density power supply products for a variety of industries including renewable
energy, servers, storage and networking, industrial and network power systems.
The company is headquartered in Camarillo, California, and has operations in
Asia, Europe, and the Americas spanning sales, manufacturing, and R&D.

More information

This press release is available from April 22, 2013, on the ABB News Center at
www.abb.com/news and on the Investor Relations homepage at
www.abb.com/investorcenter, where a presentation for investors will also be
published.

A video from Ulrich Spiesshofer, head of ABB's Discrete Automation and Motion
division, will be available today at www.youtube.com/abb.

A conference call for analysts and investors as well as a media conference
call will start at 09:00 a.m. Central European Time (CET). Callers from the US
and Canada should dial +1 (1)866 291 41 66 ( Toll-Free). U.K. callers should
dial +44 (0)203 059 58 62. From Sweden,+46 (0) 85 051 0031, and from the rest
of Europe, +41 (0)58 310 50 00. Callers are requested to phone in 15 minutes
before the start of the call. The recorded session will be available as a
podcast one hour after the end of the conference call and can be downloaded
from our website. You will find the link to access the podcast at
www.abb.com/investorcenter

A further conference call for US analysts, investors and media is scheduled to
begin today at 15:00 CET (14:00 in the UK, 09:00 EST, 06:00 PDT). Callers from
the US and Canada should dial +1 (1)866 291 41 66 ( Toll-Free). U.K. callers
should dial +44 (0)203 059 58 62. From Sweden,+46 (0) 85 051 0031, and from
the rest of Europe, +41 (0)58 310 50 00. Callers are requested to phone in 15
minutes before the start of the call. The recorded session will be available
as a podcast one hour after the end of the conference call and can be
downloaded from our website. You will find the link to access the podcast at
www.abb.com/investorcenter

ABB forward-looking statements

This press release contains "forward-looking statements" relating to the
acquisition of Power-One by ABB. Such forward-looking statements are based on
current expectations but are subject to risks and uncertainties, many of which
are difficult to predict and are beyond the control of ABB, which could cause
actual outcomes and results to differ materially from current expectations. No
forward-looking statement can be guaranteed. Among other risks and
uncertainties, there can be no guarantee that the acquisition will be
completed, or if it is completed, that it will close within the anticipated
time frame. Additional risks and uncertainties relating to the acquisition
include: required regulatory approvals may not be obtained in a timely manner,
if at all; the anticipated benefits of the acquisition, including synergies,
may not be realized; and the integration of Power-One operations with those of
ABB may be materially delayed or more costly or difficult than expected.
Forward-looking statements in the press release should be evaluated together
with the many uncertainties that affect ABB's business, particularly those
identified in the cautionary factors discussion in ABB's Annual Report on Form
20-F for the year ended Dec. 31, 2012. ABB undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise.

Power-One forward-looking statements

This press release includes forward-looking statements which make assumptions
regarding Power-One's operations, business, economic and political
environment. Actual results may be materially different from any future
results expressed or implied by such forward-looking statements. Among other
risks and uncertainties, there can be no guarantee that the acquisition will
be completed, or if it is completed, that it will close within the anticipated
time frame. Additional risks and uncertainties relating to the acquisition
include: (1) Power-One may be unable to obtain stockholder approval as
required for the transaction; (2) conditions to the closing of the transaction
may not be satisfied or waived; (3) the transaction may involve unexpected
costs, liabilities or delays; (4) Power-One's business may suffer as a result
of uncertainty surrounding the transaction; (5) the outcome of any legal
proceedings related to the transaction; (6) the ability and timing to obtain
required regulatory approvals; (7) the occurrence of any event, change or
other circumstances that could give rise to the termination of the Merger
Agreement; (8) the ability to recognize benefits of the transaction; (9) risks
that the transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the transaction; and (10)
other risks to consummation of the transaction, including the risk that the
transaction will not be consummated within the expected time period or at all.
For a discussion of relevant factors, risks and uncertainties that could
materially affect Power-One's future results, attention is directed to "Item
1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations" in its Annual Report on Form
10-K for the year ended December 30, 2012. The company undertakes no
obligation to publicly release any revisions to any forward-looking statements
contained in this press release to reflect events or circumstances occurring
after the date of this release or to reflect the occurrence of unanticipated
events.

Additional information

In connection with the meeting of Power-One stockholders to be held with
respect to the proposed merger, Power-One will file a proxy statement with the
Securities and Exchange Commission (the "SEC"). INVESTORS AND SECURITYHOLDERS
ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER MATERIAL WHEN THEY BECOME
AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE
PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
security holders will be able to obtain a free copy of the proxy statement
(when available) and other relevant documents filed by Power-One with the SEC
from the SEC's website at http://www.sec.gov and from Power-One by directing a
request to Power-One, Inc., Attention: Corporate Secretary, 740 Calle Plano,
Camarillo, California, 93012, USA.

Participants in the solicitation

Power-One and its directors and executive officers and other persons may be
deemed to be participants in the solicitation of proxies from the stockholders
of Power-One in connection with the pending merger. Information about
Power-One's directors and executive officers is included in its Annual Report
on Form 10-K for the year ended December 30, 2012 and the proxy statement for
its 2012 Annual Meeting of Stockholders, filed with the SEC on March 21, 2012.
Additional information regarding the interests of Power-One's directors and
executive officers in the merger will be included in the preliminary proxy
statement for the special meeting of Power One's stockholders and will be
included in the definitive proxy statement described above.

CONTACT: For more information please contact:
         ABB Group Media Relations:
         Thomas Schmidt; Antonio Ligi
         (Zurich, Switzerland)
         Tel: +41 43 317 6568
         media.relations@ch.abb.com
         http://twitter.com/ABBcomms
        
         Investor Relations:
         Switzerland: Tel. +41 43 317 7111
         USA: Tel: +1 919 856 38 27
         investor.relations@ch.abb.com
        
         Power-One Investor Relations:
         Larry Clark
         +1 310 478 2700 ext. 29
         investor.relations@power-one.com
         http://twitter.com/power_one

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