Siemens buys bankrupt Robicon Corporation

Siemens buys bankrupt Robicon Corporation

Robicon has obtained bankruptcy court approval to sell its US assets and shares of international subsidiaries in the US, China, UK, Brazil and Canada to Siemens Energy and Automation Co., Ltd.

Robicon Corporation is a subsidiary of High Voltage Engineering Corporation (HVE). The company, together with its domestic subsidiaries, filed for bankruptcy protection under Chapter 11 on February 8, 2005.

The sale of Robicon's assets to Siemens not only provides a permanent solution to Robicon's capitalization needs, but also provides a necessary foundation for the future development of industrial power control and medium voltage AC drives. Robicon President Gary Rauscher said: "We are very satisfied with the results of the sale to Siemens in Chapter 11. We think this is an important step for our customers, sales representatives, suppliers and employees. We want to thank all those who support our efforts to maintain our business"

High Voltage Engineering Corporation owns and operates a group of three manufacturing and service businesses based on industry and technology, including Robicon Corporation. HVE's business focuses on designing and manufacturing high-quality applications and engineered products designed to meet specific customer needs. The company has an established customer base in more than 60 countries/regions, covering multiple industries, including process automation, metals and steel, water and wastewater treatment, petrochemicals, oil and gas extraction and transportation, and semiconductor manufacturing.