- Strategic acquisition complements Siemens’ portfolio, helps address
critical power business needs across industries like data centers and
healthcare
ATLANTA -- (Business Wire)
Siemens, a global innovator in low and medium voltage technologies, has
announced plans to acquire Massachusetts-based Russelectric®,
a leading U.S. manufacturer of power control systems including
paralleling switchgear and automatic transfer switches. The acquisition
will bring together the companies’ complementary advanced electrical
power portfolios and service organizations to help critical markets such
as data centers, public infrastructure, and healthcare address the
growing need to improve power reliability, security and affordability.
This strategic investment also strengthens Siemens’ commitment to the
U.S., the company’s largest market in the world. Russelectric’s
approximately 400 employees across its headquarters and manufacturing
facility in Hingham, MA and manufacturing and training hub in Broken
Arrow, OK will be added to Siemens’ existing U.S. footprint of over 50
manufacturing, R&D and digital hubs and its 50,000 U.S. employee base.
“As the energy landscape continues to shift, the successful operation of
critical facilities more than ever requires reliable, affordable and
sustainable power,” said Barry Powell, Vice President and Business Unit
Head, Siemens Low Voltage & Products, North America. “With this
acquisition, we bring together Siemens’ expertise and experience in the
low voltage power market with Russelectric’s complementary high-quality
energy infrastructure portfolio to provide technologies that ensure
these critical installations receive uninterrupted, secure power.”
“Russelectric has built a solid reputation over the years based on
highly engineered solutions of top-quality products and an
always-take-care-of-the-customer mindset. Those were the guiding values
instilled by our founder, Raymond G. Russell, and these are the same
values that we saw in Siemens,” said Dorian Alexandrescu, Russelectric
President and CEO. “This acquisition will complement our portfolio in
the mission critical, high-quality U.S. energy infrastructure industry,
help us leverage Siemens’ global footprint, and ultimately support our
customers with a much stronger product and services portfolio.”
“This investment signifies our global commitment to the U.S. power
infrastructure market and the technologies that place a premium on safe,
reliable and affordable access to electrical energy,” said Andreas
Matthé, Global CEO of Siemens Low Voltage & Products. “These two
organizations bring complementary portfolios to critical power
infrastructures that continue to evolve at a rapid pace, and together,
the companies can create additional value for customers through an
experienced workforce, extensive domain knowledge and complementary
sales approach.”
Upon closing of the acquisition, subject to regulatory approval and
other customary closing conditions, Siemens will wholly-own
Russelectric, which will operate as “Russelectric, A Siemens Business.”
Closing is anticipated late 2018 to early 2019. Terms of this
transaction are not disclosed.
About Siemens
Siemens Corporation is a U.S. subsidiary of Siemens AG, a global
powerhouse focusing on the areas of electrification, automation and
digitalization. One of the world’s largest producers of
energy-efficient, resource-saving technologies, Siemens is a leading
supplier of systems for power generation and transmission as well as
medical diagnosis. With approximately 377,000 employees in 190
countries, Siemens reported worldwide revenue of $92.0 billion in fiscal
2017. Siemens in the USA reported revenue of $23.3 billion, including
$5.0 billion in exports, and employs approximately 50,000 people
throughout all 50 states and Puerto Rico.
About Russelectric
Founded in 1955, Russelectric® provides high-integrity power control
solutions for mission critical applications in the healthcare,
information technology, telecommunication, water treatment, and
renewable energy markets. The company maintains vertically-integrated
manufacturing facilities in Massachusetts and Oklahoma, where it designs
and builds a full line of automatic transfer switches, switchgear, and
controls. Russelectric products carry the longest and most comprehensive
warranty in the industry and are backed by a team of expert
factory-direct field service engineers. To learn more about Russelectric
products and the company’s commitment to customer satisfaction, visit http://www.russelectric.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181003005545/en/
Contacts:
Contact for journalists
Annie Satow, +1 (202) 316-0219
annie.seiple@siemens.com
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Source: Siemens
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