Siemens Completes the Acquisition of Robicon Corporation and Its Foreign Subsidiaries
ATLANTA, GA -- July 18, 2005 Siemens Energy & Automation, Inc. today announced it has completed the acquisition of the assets of Robicon Corporation, headquartered in New Kensington, PA, a suburb of Pittsburgh. 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, Robicon employees total 470. The purchase of Robicon's assets will strengthen Siemens portfolio offerings in AC drives and industrial power control, as well as provide greater access to global markets for the Robicon product lines. Robicon is widely recognized for its advanced technology in medium voltage drives and power supplies, and its strong market positions in oil and gas, water and waste water, energy and pipeline applications. The world market for drives has a volume of approximately $33 billion, with an annual growth rate of around 2.5 percent."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 CEO, Siemens Energy & Automation, Inc. Robicon provides a very complementary product line to the Siemens portfolio with significant long-term growth opportunities for both entities. A combined portfolio of Siemens and Robicon products, services, and solutions represents a unique and comprehensive offering to customers of both companies."The Siemens acquisition offers a sound and sustainable perspective for our employees, customers, suppliers, and channel partners," said Robicon Corporation President Gary Rauscher. Siemens will provide the capital investment that Robicon Corporation needs for its operations, employees, research, and development. The acquisition by Siemens also provides the global expertise necessary for continued growth."In the U.S., the Robicon business will be integrated as a business unit of Siemens Energy & Automation, Inc. The Robicon international subsidiaries will become part of the Siemens Regional Companies, under Siemens Automation & Drives Groups leadership, enabling Robicon to continue in its established local position and increase business with the support of the Siemens international network. The Robicon product brand has strong market recognition and Siemens will continue to use Robicon as the existing product line name. On February 8, 2005, Robicon and its parent company High Voltage Engineering Corporation, 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. In an earlier decision, the U.S. Department of Justice completed its antitrust review and also gave its clearance to the sale under the Hart-Scott-Rodino Antitrust Improvements Act. For more information, Contact Siemens or visit their web site at www.sea.siemens.com. About Robicon CorporationRobicon's primary business is centered on industrial power conversion and control. It specializes in commercializing new technologies, developing market-leading power electronics and power control solutions. Robicon designs, manufacturers, markets, and services industrial low and medium voltage variable frequency drives and power supplies. About Siemens Energy & Automation, Inc. Siemens Energy & Automation, Inc. is one of Siemens operating companies in the U.S. Headquartered in the Atlanta suburb of Alpharetta, GA, Siemens Energy & Automation manufactures and markets one of the worlds broadest ranges of electrical and electronic products, systems and services to industrial and construction market customers. Its technologies range from circuit protection and energy management systems to process control, industrial software, and totally integrated automation solutions. The company also has expertise in systems integration, technical services, and turnkey industrial systems. About Siemens A&DThe Siemens Automation and Drives (A&D) Group, Nuremberg, Germany, is the world's leading manufacturer in the field of automation and drives. Products supplied by A&D include standard products for the manufacturing and process industries and for the electrical installation industry as well as system solutions, for example for machine tools, and solutions for whole industries such as the automation of entire automobile factories or chemical plants. Supplementing this range of products and services, A&D also offers software for linking production and management (horizontal and vertical IT integration), as well as for optimizing production processes. A&D employs 51,800 people worldwide and in fiscal year 2004 (to September 30) earned a provisional pre-tax profit of 1.077 billion on sales of 8.829 billion and orders of 8.98 billion.About Siemens AG Siemens AG (NYSE:SI) is one of the largest global electronics and engineering companies with reported worldwide sales of $91.3 billion in fiscal 2004. Founded more than 150 years ago, the company is a leader in the areas of Automation and Control, Information and Communications, Lighting, Medical, Power, and Transportation. With its U.S. corporate headquarters in New York City, Siemens in the USA has sales of $16.6 billion and employs 70,000 people throughout all 50 states and Puerto Rico. Eleven of Siemens' worldwide businesses are based in the United States. With its global headquarters in Munich, Siemens AG and its subsidiaries employ 430,000 people in 192 countries. For more information on Siemens in the United States: www.usa.siemens.com
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