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Siemens AG Buys majority stakes to expand
August 27, 2009, Thursday
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Print Edition
SIEMENS AG said yesterday it has acquired the majority holding in two Chinese companies to expand its global production network for high-voltage circuit breakers.
They are metalworking company Yangtze Delta Manufacturing and aluminum foundry GIS Steel & Aluminum Products, both headquartered in Hangzhou, Zhejiang Province.
No financial details of the deal were given. The two companies have a combined revenue of 65 million euros (US$93 million) in 2008.
"Over the long term we are anticipating a constantly high demand for high-voltage power transmission products in China and are thus securing the requisite capacities to maintain our successful business in this growth market," said Udo Niehage, chief of Siemens' power transmission division.
They are metalworking company Yangtze Delta Manufacturing and aluminum foundry GIS Steel & Aluminum Products, both headquartered in Hangzhou, Zhejiang Province.
No financial details of the deal were given. The two companies have a combined revenue of 65 million euros (US$93 million) in 2008.
"Over the long term we are anticipating a constantly high demand for high-voltage power transmission products in China and are thus securing the requisite capacities to maintain our successful business in this growth market," said Udo Niehage, chief of Siemens' power transmission division.
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