MILWAUKEE--(BUSINESS WIRE)--Aug. 7, 2012-- Rockwell Automation, Inc. (NYSE: ROK) today announced it has agreed to purchase the assets of the medium voltage drives business of Harbin Jiuzhou Electric Co., Ltd. The purchase price is RMB 530 million (approximately $83 million U.S. dollars). Closing is expected in October.
The acquisition strengthens Rockwell Automation's presence in the Asia-Pacific motor control market by adding significant capabilities in design, engineering and manufacturing of medium voltage drive products. It also provides access to grid-tie inverter technology. Jiuzhou has successfully served as Rockwell Automation's contract manufacturer for seven years, in addition to its own well-established customer base.
"Jiuzhou's medium voltage drives business accelerates our emerging markets strategy," said Mike Laszkiewicz, vice president, general manager, Rockwell Automation power control business. "It will enhance our position in the critical Asia-Pacific region by strengthening capabilities in the mid- and higher-power rated product lines."
"This acquisition demonstrates an evolution and commitment to growing the long-term customer relationships we established as a contract manufacturer for Rockwell Automation," said Dr. Li Yin, Jiuzhou chairman of the board. "Our customers will benefit from Rockwell Automation's advanced manufacturing, research and development capabilities, and global distribution. Our employees will now join a successful, global leader in technology that offers a competitive and comprehensive product and service portfolio in the automation industry. We're pleased to culminate our successful business relationship with Rockwell Automation."
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IRVING, Texas--(BUSINESS WIRE)--Aug. 2, 2012-- Fluor Corporation (NYSE: FLR) announced today that it was awarded an engineering, procurement, construction and commissioning (EPCC) contract by Dominion Virginia Power (NYSE: D) to build its new Brunswick County Power Station, a combined-cycle, natural gas-fired power station in Brunswick County, Va. The project investment will exceed $1 billion. Based on the limited notice-to-proceed, Fluor will book a portion of its scope into backlog in the third quarter with the remainder to be booked in 2013 once Dominion receives final permits and approvals.
Tokyo, August 1, 2012 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has established a new company in Sao Paulo, Brazil to strengthen its computerized numerical controller (CNC) business in the Brazilian market. The new company, MELCO CNC do Brasil Comèrcio e Serviços S.A., will target annual sales of USD 25 million by March 2016.
MILWAUKEE--(BUSINESS WIRE)--Aug. 1, 2012-- Lauren-Jyoti, a joint venture between Lauren Engineers & Constructors, a U.S. engineering, procurement and construction company, and Jyoti Power Structures, an Indian counterpart, has awarded a $1.9M order to Rockwell Automation (NYSE: ROK) and its Global Solutions team. Rockwell Automation will provide a PlantPAx-based power plant distributed control system (DCS) solution with solar field local controller panels for Godawari Green Energy in Rajasthan, India and deliver a solution that creates an opportunity to set industry standards in solar power.
Capital investments for low power AC drives are expected to grow as they save energy and raise productivity by offering more precise speed control and providing a quick ROI. “Low power AC drives are a key product for improving energy efficiency as well as sustainability in the manufacturing, infrastructure, and building automation sectors. This will create significant growth opportunities for the low power AC drives market and its suppliers over the next five year forecast period. These factors make the use of low power AC drives easier to justify even during uncertain economic periods,” according to Senior Analyst Himanshu Shah, the principal author of ARC’s “Low Power AC Drives Worldwide Outlook”.