A Swiss company is buying a Ventura County based tech firm in a billion dollar deal.
Swiss industrial group ABB is acquiring Camarillo based Power One.
Power One makes gear which converts electricity made by solar power systems into alternating current, so it can be sent into power grids.
The locally based company as more than 3,000 employees around the world, and is one of the world’s largest inverter makers.
Power One has been extremely successful in recent years, and is not only debt fee, but has hundreds of millions of dollars in cash in its reserves. There no word on how the deal might impact company employees, malthough in a statement the Swiss company says there will be management continuity.