Siemens to acquire Robicon for $197 million

Robicon Corp. has agreed to sell its assets to Siemens Energy & Automation Inc. for approximately $197.5 million in cash. These assets include Robicon's stock in its subsidiaries in Shanghai, China; High Wycombe, U.K.; Sao Paolo, Brazil; and Edmonton, Alberta, Canada. Robicon manufactures industrial power conversion and control devices and systems.

06/01/2005


Robicon Corp. has agreed to sell its assets to Siemens Energy & Automation Inc. for approximately $197.5 million in cash. These assets include Robicon's stock in its subsidiaries in Shanghai, China; High Wycombe, U.K.; Sao Paolo, Brazil; and Edmonton, Alberta, Canada. Robicon manufactures industrial power conversion and control devices and systems. Siemens adds that Robicon will continue operating in New Kensington, and that all of its employees and business relationships will remain intact.

Stephen Gray, Robicon's Chapter 11 trustee, says he designated Siemens as the front-running bidder after marketing Robicon to other potential buyers. He reports that Siemens gives the most available value to Robicon's creditors, and offers security and stability to its employees, customers, suppliers, and channel partners. Proceeds from the sale should enable High Voltage Engineering Corp. and its domestic affiliates, including Robicon and Charles Evans Associates, to pay in full the pre-petition claims of its secured and unsecured creditors.

Siemens says buying Robicon will allow it to expand its portfolio, and broaden its presence in the medium-voltage drives field. Robicon reportedly gives Siemens a complementary product, technology, and a channel portfolio with long-term growth opportunities for both firms.





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