ICCIA 30th General Assembly and 19th BOD meeting    |    The world has 212 million jobless people    |    Asian development bank,sukuk issuance    |    Tunisia cuts 2014 Growth forecast to 2.8%, says minister    |    Joyalukkas opens biggest showroom in Malaysia    |    Oil market well-balanced
        
Tunisia cuts 2014 Growth forecast to 2.8%, says minister
Tunisia’s government has cut its economic growth forecast to 2.8 percent for this year, which is in line with the IMF’s forecast, Finance Minister Hakim Ben Hamouda said on Monday after meeting with a delegation from the International Monetary Fund. The government had previously forecast 4 percent growth.

"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, which is based in the United States, is said to have one of the market’s most comprehensive offerings of solar inverters – ranging from residential to utility-scale applications. It has nearly 3,300 employees and generated $120m in earnings in 2012 - from sales of around $1 billion.

Richard Thompson, CEO of Power-One, said: “This transaction delivers significant value to our shareholders and will enable Power-One to accelerate its growth. 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."

The deal is subject to the approval of Power-One’s shareholders, and receipt of regulatory approvals.



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