Sumitomo completed the acquisition of Invertek for $123m.

Sumitomo Heavy Industries, an integrated manufacturer of industrial machinery, automatic weaponry, ships, bridges and steel structure, completed the acquisition of Invertek Drives, a variable frequency drive manufacturer, for $123m. Invertek’s technology and production capabilities will allow SHI to extend its product portfolio in the motor control industry which is becoming increasingly important as demand for IoT, automation, labour productivity and energy-saving technology and applications grows.