12 Nov Rockwell to acquire Chinese technology company
Milwaukee, Wis. – Rockwell Automation has reached an agreement to acquire Xi’An Hengsheng Science & Technology Company Limited, a privately held engineering firm located in Xi’An, China.
Terms of the acquisition were not disclosed.
Rockwell, a global provider of industrial automation power systems, said the acquisition will help it deliver automation solutions to the electrical power and other heavy process industries in China.
Xi’An Hengsheng serves customers in the power, petrochemical, coal mining, chemical, and oil markets, mostly in middle and western China.
Terry Gebert, vice president and general manager for Rockwell’s systems and solutions business, said the acquisition strengthens Rockwell’s ability to deliver complete industrial automation systems in one of the fastest growing markets in the world.
Gebert said Xi’An Hengsheng’s management team and its 85 employees will join Rockwell.
The acquisition is expected to be completed during the first calendar quarter of 2009, and is subject to customary closing conditions.
Rockwell Automation, which already has more than 1,600 employees in China, had earlier announced that its 2009 per-share earnings would fall within the range of $3.10 to $3.60, down from the $3.90 per share reported for 2008. The company will host its annual investor meeting on Wednesday, Nov. 19, in Nashville, Tenn., in conjunction with its annual automation fair.