Rockwell Automation ( NYSE: ROK ) agreed to acquire Cubic to expand its offering of electrical panels for factories and power plants. Terms of the agreement weren't disclosed.
Cubic, which is based in Bronderslev, Denmark, also has customers in the renewable energy and data center industries. Cubic's control panels can be integrated with so-called intelligent motors that provide operations data through a computer network.
“Cubic’s innovative motor control solutions strengthen our portfolio of leading intelligent motor control technologies,” Bob Buttermore, vice president and general manager of Rockwell’s power control business, said in a statement.
Cubic estimated it will report more than $75 million in sales for the year ended Sept. 30. The transaction is subject to regulatory approval and is expected to close by the end of this year.
Rockwell's stock has declined 37% this year, compared with a 25% loss for the S&P 500 Stock Index ( SP500 ).
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Rockwell Automation