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Siemens acquires Flow Division of Danfoss
Siemens continues to build up its strength in process automation with the acquisition of the Flow Division of Danfoss. The agreement was signed today, May 12. The Danfoss Flow Division is a leading manufacturer of electronic devices for the flow measurement of liquids and gases. It employs 450 people and has a worldwide sales organization as well as two production sites at the Danfoss headquarter in Nordborg (Denmark) and in Stonehouse (UK). In 2002, the division achieved annual sales of approximately 60 million euros. With this move, Danfoss follows its strategy to secure a leading market position for its businesses and to further focus on its core businesses.
Process automation is a strategic business of the Siemens Automation and Drives (A&D) Group and has the greatest potential for growth. Approximately one quarter of today's requirement for process instrumentation are flow meters. 'With the Danfoss Flow Division products, which complement our portfolio, we will close an important product and technology gap and considerably improve our market access to important customers and regions', explains Anton S. Huber, member of the A&D Group Executive Management.
Jørgen M. Clausen, President and CEO of Danfoss, comments: 'This step is intended to place the innovative Danfoss flow measurement technology in a leading market position and will allow Danfoss to concentrate on its core businesses in the future. We took this step because we are convinced that Siemens will further improve our flow business, will make jobs even more secure and open up new career prospects for our employees.';
The agreement is designed to combine the flow activities of Siemens Automation and Drives (A&D) and the Danfoss Flow Division into a new A&D business, Siemens Flow Instruments, headquartered in Nordborg, which is responsible worldwide for development, production and marketing. The worldwide Flow Division sales organization will be integrated into the existing Siemens sales setup.
For further information, please contact:
Danfoss: Ole Daugbjerg, Vice President, Danfoss Corporate Communications and Reputation Management, phone ++45 74 88 2008
Siemens: Dr. Mark Derbacher, Automation and Drives Group Communications, phone ++49 911 895 7944
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