Siemens to Acquire Moore Products

Siemens Energy & Automation, which is a wholly owned subsidiary of Siemens AG, plans to purchase Moore Products, operating as Moore Process Automation Solutions, for $170 million. Under the terms of the agreement, a wholly owned subsidiary of Siemens Energy & Automation will make an all-cash tender offer for all of Moore's outstanding common stock for $54.71 per share and all of its outstanding preferred stock for $21.88 per share by Jan. 21.

Following successful completion of the tender offer, any remaining shares of common and preferred stock of Moore will be acquired in a cash merger at the same respective prices. The offer price for the common stock represents about a 118% premium over the Nov. 19, 1999 closing price for Moore common stock. This preceded Moore's announcement Nov. 23, 1999 that it had hired a financial advisor to explore strategic alternatives. The offer represents about a 28% premium over the Jan. 14 closing price.

Moore's board unanimously approved the tender offer.

"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," said Donald E. Bogle, president and CEO of Moore Process Automation Solutions.

Based in Atlanta, GA, Siemens Energy & Automation manufactures and markets a broad range of electrical and electronic products, systems and services to industrial and construction market customers. Its technologies range from circuit protection and energy management systems to process control, industrial software and totally integrated automation solutions. The company also has expertise in electronic placement equipment, systems integration, technical services and turnkey industrial systems.

Founded in 1940, Moore Process Automation Solutions specializes in providing innovative solutions to process measurement and control applications. Its instruments and control systems help to increase plant safety and productivity, reduce time to market and improve product quality in industries such as chemical and hydrocarbon processing, oil and gas, pharmaceutical, power generation, and pulp and paper. The company employs about 1,200 persons worldwide and had 1998 revenue of $168 million.

Edited by April C. Murelio
editor@poweronline.com