The acquisition includes the stock of Robicon’s foreign subsidiaries in Shanghai, China; High Wycombe, U.K.; Sao Paulo, Brazil; and Edmonton, Alberta, Canada. Robicon’s U.S. operations employ approximately 340 people. Worldwide employment totals 470.
Siemens states that the purchase of Robicon’s assets will strengthen its portfolio of offerings in AC drives and industrial power control, as well as provide greater access to global markets for the Robicon product lines.
“The purchase of Robicon’s assets will allow Siemens to expand its product portfolio and broaden its presence in the industrial drives field,” said Aubert Martin, president and chief executive officer, Siemens Energy & Automation, Alpharetta, Ga. “Robicon provides a very complementary product line to the Siemens portfolio, with significant long-term growth opportunities for both entities.”
“The Siemens acquisition offers a sound and sustainable perspective for our employees, customers, suppliers and channel partners,” said Robicon President Gary Rauscher. “Siemens will provide the capital investment that Robicon needs for its operations, employees, research and development. The acquisition by Siemens 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 subsidiaries will become part of the Siemens Regional Companies, under Siemens Automation & Drives Group’s leadership. Siemens will continue to use “Robicon” as the existing product line name.
On February 8, 2005, Robicon and its parent company High Voltage Engineering Corp., filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The sale to Siemens was completed after receiving approval from the U.S. Bankruptcy Court for the District of Massachusetts on June 30, 2005.