Thu, August 27, 2009
Business > Industries

Siemens bought two Chinese metal companies

2009-08-26 18:13:03 GMT2009-08-27 02:13:03 (Beijing Time)  Xinhua English

BERLIN, Aug. 26 (Xinhua) -- German industrial conglomerate Siemens AG bought majority stakes in two small Chinese metal companies on Wednesday.

Siemens, based in Munich, said its energy division acquired the majority stakes in two metal companies based in Hangzhou, Zhejian gprovince. One is Yangtze Delta Manufacturing, a metalworking company, and the other is aluminum foundry GIS Steel&Aluminum Products, according to local media reports.

Siemens said the two companies had a total workforce of 600 employees, with combined revenue of 65 million euros (about 93 million U.S. dollars) in 2008, but it did not release how much it paid to bought these two companies.

Siemens made these two acquisitions to expand its global production network for high-voltage circuit breakers in China and its foundry capabilities from machining through final product assembly, according to the local media reports, as China is now the world's largest market for power transmission equipment.

"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," Udo Niehage, Siemens' chief power transmission official said in the company's statement.

Add Your Comments:

Your Name:
Your Country:
Comment:
(English Only)
 
Please read our Terms of Service. Messages that harass, abuse or threaten others; have obscene or otherwise objectionable content; have spam, commercial or advertising content or links may be removed.

SPECIAL COVERAGE

MOST VIEWED

LATEST VIDEO

PICTURE GALLERY