Siemens closes acquisition of Massachusetts-based electric infrastructure manufacturer Russelectric

ATLANTA–(BUSINESS WIRE)–Siemens announced today it has closed the acquisition of
Massachusetts-based Russelectric®, a leading U.S.
manufacturer of power control systems including paralleling switchgear
and automatic transfer switches. The transaction, first announced in
early October 2018, brings together the companies’ complementary
electrical power portfolios and service organizations. These combined
efforts will help better address growing power reliability, security and
affordability needs across critical markets like data centers, public
infrastructure, and healthcare.

Russelectric’s 400 employees across its manufacturing hubs in Hingham,
MA and Broken Arrow, OK will expand Siemens’ existing U.S. footprint of
over 50 manufacturing, R&D and digital hubs and its 50,000 U.S. employee
base.

“We’re thrilled to officially welcome Russelectric to the Siemens family
with the closing of this acquisition,” said Barry Powell, Vice President
and Business Unit Head, Siemens Low Voltage & Products, North America.
“Our teams are ready to work together across the low voltage power
market to provide technologies that ensure critical installations
receive uninterrupted, secure power.”

“Today marks the turning of a page in the history of Russelectric,
starting of a new chapter of growth in our current markets as well as
outside of them,” said Dorian Alexandrescu, President and CEO of
Russelectric Inc. “The synergies with Siemens are significant, and we
are all looking forward to seeing them come to life as part of the new
organization.”

Russelectric will now operate as “Russelectric, A Siemens Business”.
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 379,000 employees in 190
countries, Siemens reported worldwide revenue of $94.0 billion in fiscal
2018. Siemens in the USA reported revenue of $23.7 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/.

Contacts

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