Siemens Expands with Acquisition of Hingham
10/04/2018
According to Siemens officials, 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, officials noted. Russelectric’s approximately 400 employees across its headquarters and manufacturing facility in Hingham, Mass. 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,” he added.
“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 & 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.
Project Announcements
PEAK Precision Manufacturing Plans Bowling Green, Kentucky, Operations
07/26/2024
Italy-Based Sipcam Agro USA Upgrades Wayne County, Mississippi, Operations
07/26/2024
Cleveland-Cliffs Plans Weirton, West Virginia, Operations
07/26/2024
IDEXX Laboratories Plans Wilson, North Carolina, Production Operations
07/26/2024
Germany-Based Ritz Instrument Transformers Plans Waynesboro, Georgia, Operations
07/26/2024
AirJoule Plans Newark-Wilmington, Delaware, Operations
07/26/2024
Most Read
-
19th Annual Area Development Gold and Silver Shovel Awards
Q2 2024
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The CHIPS and Science Act will bring jobs back to the United States
Q2 2024
-
2023 Top States Commentary: Top-Ranked States Have What It Takes to Win Mega Projects
Q3 2023
-
The Bring Your Own Energy (BYOE) Party Is Starting
Q2 2024
-
Midwest becomes hotspot for semiconductor manufacturing and supply industries
Q2 2024