A powerful combination - IGEL Electric and Solcon Industries join forces

DORTMUND,Germany,July 9,2021 -- Solid state motor powerhouse Solcon Industries and leading drive technology specialist IGEL Electric are planning to combine their strengths and merge under the brand SOLCON IGEL – POWERED.

SOLCON IGEL – POWEREDwill be a leading force in the industry,with the merger accelerating growth and maximising the organisation's geographic coverage,while remaining focused on delivering world-class customer support and enhanced logistics.

The combined organisation will present a broader portfolio of complimentary products,services and solutions under a shared vision and joint growth strategy. (http://www.solconigel.com/)

Itai Zifroni,CEO of Solcon Industries,said "joining forces will significantly increase the capabilities,size,and geographic breadthof our business. We have identified substantial synergies between us that will generate greater revenues,combine talent and technology,and drive global reach,while also enabling us to reduce our cost base. We believe the merger provides an incredible opportunity that will benefit Solcon and IGEL customers,our employees and our entire network of distributors around the world".

Michael Kleiböhmer,CEO of IGEL Electric agreed: "The timing for this merger is just right.Our clients are serving the global market with installations all over the world,and SOLCON IGEL – POWERED will be an even more attractive partner as we will be able to better support the installations,wherever they are. Combining our technical know-how will create even better products and applications. This really is a win: win situation for all stakeholders and partners."

About Solcon Industries

Solcon Industries Ltd (www.solcon.com) is a power electronics company that has designed,developed,and manufactured industrial electronic systems for more than 40 years. As a global industry leader in soft starter technology and motor control,Solcon provides solutions for the toughest applications in all major industries.

Solcon's field-developed design criteria ensure long-term product reliability and provide future-focused innovative solutions. This approach has allowed the company to serve more than 76 countries worldwide.

About IGEL Electric

IGEL®Electric GmbH(www.igelelectric.de) was founded in 2001,originally a division of "FANAL" Group Wuppertal,andhas over 100 years of combined experience in drive technology. As a specialist in drive technology,IGEL integrates stand-alone motors and systems in addition to supplying solutions that are tailor-made for individual solutions,based on advanced designs.

For further information,please contact:

Dina Slutzkin,Global Marketing Manager

dina.s@solcon.com

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