1 August 2003 – Siemens has today announced the closing of the acquisition of the industrial turbine business of the French company Alstom. This follows both EU anti-trust Commission and the U.S. Department of Justice reviews, which resulted in unconditional approvals of the acquisition.
The total purchase price is € 1.1bn ($1.23bn). The extended Industrial Applications Division of Siemens Power Generation (PG) will thus commence operations as scheduled on October 1, 2003.
Back in May 2003,PG had acquired Alstom’s small gas turbine business (3 – 15 MW) based in Lincoln, Britain. The company has now completed the second transaction with acquisition of the medium gas turbine business (15 – 50 MW) in Finspong, Sweden, and industrial steam turbines rated up to 100 MW with locations in countries including Sweden, Germany and the Czech Republic.
“For us the acquisition is a unique opportunity. The products and services are an excellent match”, stressed Klaus Voges, President of Siemens Power Generation. “We have thus achieved a leading position worldwide in the marketplace for industrial power and compressor solutions. We are reckoning with good opportunities above all in the oil and gas business. The acquisition is an excellent way of implementing our strategy of being able to offer our industrial customers worldwide a complete range of products and solutions”, added Voges.