30 March 2005 – Siemens has expanded its business in industrial drive technology after purchasing the gear system supplier, Flender Holding GmbH Bocholt, for €1.2m ($1.5m) from Citigroup Venture Capital Equity Partners, London.
The company will be integrated into Siemens Automation and Drives Group (A&D) as its eleventh division. Flender’s product portfolio is concentrated on gear technology, ranging from couplings and industrial gear units to gear motors and large gears for ships and wind power stations. With 80 locations worldwide their activities are mainly concentrated in Germany, France, China, India and the US.
Helmut Gierse, group president of A&D, said: “With gear technology, we will not only be in a position to serve a rapidly growing part of the market, but will also be able to tailor our whole range of products and systems even better to the requirements of our customers.”