Siemens continues on the process acquisition trail
29 Mar 2000
Siemens Energy & Automation has entered a $170 million agreement to acquire Moore Products Co.
Donald Bogle, president and ceo of Moore Process Automation Solutions, the operating name of Moore Products Co, said: `This acquisition unites one of the largest electrical engineering and electronics companies in the world with a company that offers leading automation technology and services to process industries.'
Thomas Malott, president and ceo of Siemens Energy & Automation added: `Moore's expertise and advanced technologies will enhance our portfolio of process automation solutions to key customers around the world.'
Under the terms of the agreement, last month a wholly owned subsidiary of Siemens Energy & Automation commenced an all-cash tender offer for all of Moore's outstanding common and preferred stock. Following successful completion of the tender offer, any remaining shares will then be acquired in a cash merger.
The Moore board of directors has unanimously approved the tender offer subject to conditions. The deal is also conditional on expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
* Siemens Automation & Drives has also acquired a majority stake in BBT Integrated Solutions. BBT has been re-named Aurega Integrated Manufacturing and will work closely with the existing Aurega Enterprise Solutions business, to deliver products for Enterprise Application Integration.
