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The Munich, Germany, corporate offices of Siemens announced today the company has entered into an agreement to acquire RuggedCom, Concord, Ontario, Canada, in a friendly, board-supported takeover bid.
The Canadian company is a provider of communications and networking solutions such as routers for harsh industrial environments. The total transaction value is estimated at about C$382 million (about US$381 million). RuggedCom's board unanimously supports the takeover, is recommending that RuggedCom's shareholders accept the offer, which is a contrast to their recommendation against a takeover by Belden about a month ago.
With annual revenues of approximately US$94 million (fiscal 2011) and approximately 360 employees, RuggedCom provides robust, industrial-quality Ethernet communication products and network solutions. These products are used primarily under rough environmental conditions – for example, in power distribution, in refineries, or in traffic control systems. The move expands Siemens' offerings for the smart grid market, among others.