On June 30, 2018, ABB announced the completion of the acquisition of GE Industrial Systems (GEIS), GE's global electrification solutions business. ABB announced the acquisition of GE Industrial Systems business on September 25, 2017, and the transaction is expected to achieve an increase in operating earnings per share in the first year. This $2.6 billion transaction brings enormous value creation potential to ABB, including growth opportunities created by combining ABB Ability digital solutions with the vast installed capacity of GE's industrial systems business. ABB expects to create approximately $200 million in cost synergies annually starting from the fifth year, which is crucial for achieving industry level performance in GE's industrial systems business.