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Siemens buys majority in OEZ

21 February 2007

German manufacturer, Siemens Automation and Drives (A&D) announced on 19 February it had signed an agreement for the acquisition of majority shares in Czech company OEZ.

Rudolf Martin Siegers, head of low-voltage controls and distribution at Siemens A&D, said: “This is an important step to positioning Siemens low-voltage controls and distribution as well as electrical installation technology in the Eastern European Markets.”

Siemens intends to merge the markets and customers of OEZ with its own know-how in the high-end range, according to Godehardt Schneider, head of the electrical installation technology division at A&D. The transaction is still subject to approval by the relevant authorities.

Siegers said the acquisition would make Siemens a market leader in the Czech Republic and Slovakia and added: “The well-known OEZ names are an excellent addition to our portfolio.”

OEZ has branches in Russia, Poland and the Ukraine. It employs 1,300 people and generated sales of 41 million euros in 2005.

A&D employs 70,600 people worldwide and in 2006 (to 30 September) earned a group profit of 1.572 billion euros on sales of 12.848 billion euros and orders of 14.108 billion euros.

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