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A GLOBAL LEADER IN ELECTRIC MOTORS AND LARGE DRIVES

NEW YORK, May 16, 2024 /PRNewswire/ —  KPS Capital Partners, LP (“KPS”) announced today that, through a newly formed affiliate, it has signed a definitive agreement to acquire Innomotics GmbH (“Innomotics” or the “Company”) from Siemens AG (OTC:) (“Siemens“) (XTRA: SIE) for an enterprise value of €3.5 billion. Completion of the transaction is expected in calendar Q4 2024 or Q1 2025 and is subject to customary closing conditions and approvals.  

Innomotics is a leading global supplier of mission-critical electric motor and large drive systems that optimize customers’ processes, uptime, efficiency and profitability. The Company manufactures a complete portfolio of low voltage motors, high voltage motors, medium voltage drives and other components, in addition to providing value-added customer services and solutions. The Company serves large, highly technical end-markets with its engineering expertise and industry-leading track record of successful projects.  Innomotics’ products and services are capable of addressing its customers’ most demanding requirements while enabling significant energy savings, decarbonization and sustainability. Headquartered in Nuremberg, Germany,  Innomotics generates approximately €3.3 billion in annual revenue, employs approximately 15,000 people and operates 16 factories across the EMEA, Americas and Asia-Pacific regions.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, “We are excited to acquire Innomotics and create a thriving independent enterprise, built on the foundation of the Company’s 150-year history of unparalleled technological innovation.  Innomotics is a global industry leader in electric motors and large drives. In many ways, KPS is investing in the future of the 21st Century through Innomotics. The Company is well-positioned to capitalize on the global megatrends of electrification, energy efficiency, digitalization, urbanization and the commercialization of new energy resources such as hydrogen. We look forward to working with  Innomotics’ senior management and stakeholders to aggressively accelerate the Company’s growth trajectory and value creation opportunities. We thank Siemens for entrusting KPS with its iconic heritage business created by Werner von Siemens. We are proud that the world’s largest industrial companies continue to view  KPS as a peer manufacturer and trusted partner.”  

Mr. Psaros continued, “The acquisition of…

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