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Electronics Production | July 05, 2005

Siemens buys bankrupt AC & DC firm

Robicon Corporation has received approval from the Bankruptcy Court to sell its US assets and the stock of its internationals subsidiaries in China, the UK, Brazil and Canada to Siemens Energy and Automation, Inc.
Robicon Corporation is a subsidiary of High Voltage Engineering Corporation (HVE), which along with its domestic subsidiaries, filed for bankruptcy protection under Chapter 11 on February 8, 2005.

The sale of Robicon's assets to Siemens provides a permanent solution to Robicon's capitalization needs and also provides the necessary foundation for future growth in industrial power control and medium voltage AC drives. Gary Rauscher, President of Robicon said "we are very pleased with the results of the sale to Siemens, out of Chapter 11. We see this as an important step for our customers, sales representatives, suppliers and employees. We would like to thank all those who supported our efforts to preserve the business "

High Voltage Engineering Corporation owns and operates a group of three industrial and technology based manufacturing and services businesses, which includes Robicon Corporation. HVE's businesses focus on designing and manufacturing high quality applications and engineered products which are designed to address specific customer needs. The company has an established customer base spanning more than 60 countries, in a variety of industries including process automation, metal and steel, water and wastewater treatment, petrochemicals, oil and gas extraction and transportation, and semiconductor fabrication.

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