March 4, 2019 – Siemens has closed its acquisition of Russelectric, which manufactures paralleling switchgear, automatic transfer switches (ATSs) and other power control systems for electric infrastructure.
Russelectric’s 400 employees will join Siemens’ existing base of 50,000 U.S. employees and the company will now operate as ‘Russelectric, A Siemens Business.’ Plans for the transaction were announced in October 2018, to combine the companies’ electrical power portfolios and service organizations.
“Our teams are ready to work together across the low-voltage (LV) power market,” says Barry Powell, vice-president (VP) and business unit head for Siemens’ LV and products in North America.
“The synergies are significant and we look forward to seeing them come to life,” says Dorian Alexandrescu, president and CEO of Russelectric.
Terms of the transaction were not disclosed.