Siemens completes Robicon acquisition

Siemens completes Robicon acquisition

; The acquisition of Robicon Corp.'s assets will enable Siemens to expand its medium voltage drive product portfolio and global products.

July 21, 2005

Aw 5622 Globe

Siemens Energy and Automation has completed the acquisition of Robicon Corp.'s assets, which is headquartered in New Kensington, a suburb of Pittsburgh, Pennsylvania. The acquisition includes shares of Robicon's foreign subsidiary in Shanghai, China; High Wycombe, UK; Sao Paulo, Brazil; and Edmonton, Alberta, Canada. Robicon employs approximately 340 employees in its US operations. There are 470 employees worldwide.

Siemens said that the acquisition of Robicon's assets will strengthen its product portfolio in the field of AC inverters and industrial power control, and provide Robicon product lines with greater opportunities to enter the global market.

Albert Martin, President and CEO of Siemens Energy and Automation, headquartered in Alpharetta, Georgia, said: "The acquisition of Robin Ken’s assets will enable Siemens to expand its product portfolio and expand its business in the industrial drive sector. Scope.” This is a very complementary product line of Siemens’ product portfolio and provides important long-term growth opportunities for both companies. The combination of Siemens and Robicon's products, services and solutions provide customers of both companies with unique and comprehensive products. "

Robicon President Gary Rauscher said: "The Siemens acquisition provides a good and sustainable prospect for our employees, customers, suppliers and channel partners." "Siemens will provide Robicon with operations, employees, The capital investment required for research and development. The Siemens acquisition also provides the global expertise necessary for continued growth."

In the United States, the Robicon business will be integrated as a business unit of Siemens Energy & Automation. Robicon International Subsidiary will become part of Siemens regional companies under the leadership of Siemens Automation and Drives Group. Siemens will continue to use "Robicon" as the name of the existing product line.

On February 8, 2005, Robicon and its parent company High Voltage Engineering Corp. filed a voluntary petition for reorganization under Chapter 11 of the US Bankruptcy Code. After obtaining the approval of the US Bankruptcy Court for the Massachusetts region on June 30, 2005, the sale of Siemens was completed. In an earlier decision, the US Department of Justice completed an antitrust review and approved the sale under the Hart case. -"Scott Rodino Antitrust Improvement Act".