Siemens Buys Robicon
According to Siemens, the purchase will strengthen its 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 known for its technology in medium-voltage drives and power supplies, and 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, according to Siemens.
In the United States, Robicon will be integrated as a business unit of Siemens Energy & Automation, and its international subsidiaries will become part of the Siemens Regional Companies under Siemens Automation & Drives Group's leadership. Siemens will continue to use the Robicon name for the existing product line.
Earlier this year, Robicon and its parent company, High Voltage Engineering Corp., filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code.