This transaction is expected to be completed by the year end, and the net proceeds from the transaction will be used for general working capital and other corporate purposes.
Tesla Power & Automation is located in Houston, Texas, and its offering includes power distribution centers, motor control rooms, instrumentation enclosures and analyzer houses.
IES president and CEO Michael Caliel said that the transition of ownership to Siemens Energy will be a positive development for the Tesla business, its customers and employees.
IES is a provider of electrical and communications contracting solutions for the commercial, industrial and residential markets.
