ABB and Niedax Group announce completion of joint venture with the formation of Abnex, Inc.

GlobeNewswire11-04

Abnex, Inc. expands North American cable tray manufacturing capabilities to serve evolving customer needs Builds on complementary product and services offering to meet growing demand for electrical ...

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Builds on complementary product and services offering to meet growing demand for electrical infrastructure solutions. MONTREAL, Nov. 04, 2024  -- ABB completed the previously announced 50/50 joint venture with Niedax Group. The Abnex, Inc. joint venture  will broaden solutions and advance opportunities in the rapidly growing North American cable management market. Integrating engineering and manufacturing capabilities of ABB’s Installation Products Division with Niedax Group will enable the newly formed company to deliver a broad range of cable tray solutions and services to electrical contractors, distributors and systems integrators across Canada, the United States and Mexico.“The successful completion of this joint venture builds on our combined expertise and furthers our strategy to invest in emerging opportunities and provide our customers with advanced solutions to meet thei","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ABLZF":"ABB Ltd.","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4096":"电气部件与设备","ABB":"阿西布朗勃法瑞公司"},"translate_title":"ABB和Niedax集团宣布完成合资企业，成立Abnex公司。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABB":1,"ABLZF":0.9},"content_text":"Abnex, Inc. expands North American cable tray manufacturing capabilities to serve evolving customer needs\nBuilds on complementary product and services offering to meet growing demand for electrical infrastructure solutions\n\nMONTREAL, Nov. 04, 2024 (GLOBE NEWSWIRE) -- ABB completed the previously announced 50/50 joint venture with Niedax Group. The Abnex, Inc. joint venture (JV) will broaden solutions and advance opportunities in the rapidly growing North American cable management market. Integrating engineering and manufacturing capabilities of ABB’s Installation Products Division with Niedax Group will enable the newly formed company to deliver a broad range of cable tray solutions and services to electrical contractors, distributors and systems integrators across Canada, the United States and Mexico.\n\nAs a fast-growing area of electrical components within North America, cable tray is widely used in electrical infrastructure, commercial industrial and residential applications. Abnex, Inc.’s extensive product portfolio and range of services includes complementary solutions previously offered by ABB Installation Products such as T&B® Cable Tray and ExpressTray® Steel Wire Basket Tray product lines, as well as Niedax Group’s MonoSystems® and Canadian Electrical Raceways product lines. The combined cable management offering will span a range of configurations, finishes and types of cable and ladder trays, wire baskets, channel and perforated tray, floor systems and boxes, accessories and fittings. In addition to pre-made options, customers will have the ability to customize cable tray solutions.\n\n\n\nMore than 200 employees and multiple offices and manufacturing locations across North America are part of Abnex, Inc., which will operate as an independent company equally owned by ABB and Niedax Group. This joint venture’s executive leadership team and board of directors have been structured to equally represent both parent companies. Cornelius Steele, Executive Board Member Niedax Group, will lead the joint venture as President and CEO, and Cyrill Scholer, Senior Finance Executive, ABB Installation Products Division, will serve as Chief Financial Officer. The Board of Directors will include: Bruno Reufels, CEO of Niedax Group, who will serve as Chairman; Khalid Mandri, President of ABB Installation Products, who will serve as Deputy Chair; and Michael Shenouda, Canada Region Leader, ABB Installation Products Division. In addition to his role as President and CEO of Abnex, Inc., Cornelius Steele will also serve on the Board of Directors.\n“The successful completion of this joint venture builds on our combined expertise and furthers our strategy to invest in emerging opportunities and provide our customers with advanced solutions to meet their evolving needs,” said Khalid Mandri, President, ABB Installation Products Division. “Forging this new business in the North American cable management market will expand our portfolio of solutions and leverage automated and sustainable manufacturing to drive increased efficiency and enhanced delivery capabilities.”\n“We look forward to the possibilities to scale up production and broaden our cable tray product offering and services,” said Bruno Reufels, CEO Niedax Group. “Through this joint venture, we expect Abnex, Inc. to deliver innovative cable tray solutions to customers and build on the complementary strengths of both companies to meet growing demand in the cable tray and electrical component market.”\nAbnex, Inc. brings together more than 200 team members from ABB Installation Products and Niedax Group across the U.S., Canada and Mexico. The new organization includes manufacturing, engineering and R&D specialists, and sales and product management experts.\nABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com\nABB Installation Products builds on its long history of pioneering in electrification by creating solutions to safely connect and protect electrical systems that power businesses, cities, homes and transportation. With more than 200,000 products under 38 premium brand names, ABB Installation Products, formerly Thomas & Betts, solutions are found wherever electricity is used around the world and in space. tnb.ca.abb.com\nNiedax Group is one of the leading suppliers of cable management systems worldwide. It is operating at 75 locations, including 26 production sites, in over 30 countries. More than 2,700 employees are currently working for Niedax Group. Niedax offers around 50,000 items in the electrical installation sector. Its products are mainly used in public buildings, tunnels, infrastructure projects, industrial and automotive plants, maritime systems, as well as in the energy sector and shipbuilding. The Niedax Group, headquartered in Linz/Rhine, Germany, has been family-owned since its founding in 1920. More information: www.niedax-group.com. \nAbnex Inc., an ABB and Niedax joint venture, provides cutting-edge, compliant and comprehensive cable management and cable tray solutions to help ensure long-lasting performance for electrical contractors, distributors and system integrators throughout North America. Named for its next, forward-thinking outlook, Abnex Inc. is a 50/50 joint venture that integrates the North American cable tray capabilities of ABB's Installation Products Division and Niedax Group. Learn more at www.abnex.com\n\n\n\n—For more information please contact:\n\n\nABB Electrification Global External RelationsCanada - Mylène DumoulinCA-media.relations@abb.comUS - Hannah Anthonyhannah.anthony@us.abb.com\nABB LtdAffolternstrasse 448050 Zurich Switzerland\n \n\n\nNiedax Group Corporate Communicationspresse@niedax.com \nNiedax GmbH & Co. KGAsbacher Strasse 14153545 Linz/ RheinGermany\n \n\n\n\nPhotos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/07b83c97-5039-4bb8-b643-1011cd118b0dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/4f517060-cb14-4740-b7a6-6aa11818d8e7https://www.globenewswire.com/NewsRoom/AttachmentNg/d05e72f6-b14b-4aeb-8d04-b6b3888fb953https://www.globenewswire.com/NewsRoom/AttachmentNg/3d7532b3-f503-4bca-8810-aa6dcc9708d9","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481538789"}