Siemens acquired VA Tech
The EU Commission has approved Siemens’ bid to take over Austria’s VA Technologie AG (VA Tech). This marks the conclusion of the antitrust review of the takeover offer made by Siemens AG Oesterreich in December 2004. The purchase price is approximately 1 billion euros. For competitive reasons, the European antitrust regulators did not approve a merger of the VA Tech hydropower activities with Siemens. As a result, Siemens will immediately initiate the sale of the VA Tech power generation unit. Sales of the metallurgy power transmission and distribution, and infrastructure units, which will now be integrated into Siemens, totaled over 3 billion euros in 2004. Around 13,000 people are employed in these three business segments. The power generation unit posted sales of just under 900 million euros in 2004 with approximately 3,000 employees.
"The overall strategic goals have been reached with the takeover of VA Tech," said Dr. Klaus Kleinfeld, CEO of Siemens AG, following the Brussels decision. "Our focus in this acquisition was on the metallurgy and power transmission and distribution businesses. In these areas, the VA Tech portfolio and regional presence are an outstanding fit for our Industrial Solutions and Services (I&S) and Power Transmission and Distribution (PTD) Groups, respectively, and support their global growth targets. In addition, our takeover of the infrastructure activities will considerably strengthen Siemens’ already solid market position in Austria and push the expansion of our business, such as in the dynamic markets of Eastern Europe. The antitrust conditions met our expectations."
- Infrastructure business of VA Tech. The infrastructure unit of VA Tech (comprised of VA Tech Elin EBG and ai informatics), which largely operates in Austria and Eastern Europe, will be merged with Siemens Цsterreich.
- Metallurgy business of VA Tech. Siemens will fully integrate the metallurgy business of VA Tech – Voest Alpine Industrieanlagenbau (VAI) – into its Industrial Solutions and Services Group (I&S), headquartered in Erlangen, Germany.
- Power transmission and distribution business of VA Tech. The power transmission and distribution unit (T&D) of the Austrian company will be incorporated into the Siemens Power Transmission and Distribution Group (PTD), which is headquartered in Erlangen, Germany.
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