Siemens to acquire 77pc stake in iMetrex Tech

New Delhi, Apr 24: Technology giant Siemens Ltd will acquire a 77 per cent stake in Chennai-based iMetrex Technologies Ltd.

Under the share purchase agreement, Siemens has the option of acquiring the balance stake of 23 per cent in the next five years.

With this acquisition, Siemens will consolidate its Building Technologies Business, SBT and strengthen its already leading position, said a company release. The integration of SBT into the newly acquired company is proposed to be known as Siemens Building Technologies Ltd.

The new venture will be a subsidiary of Siemens Ltd. Current Executive Chairman of iMetrex Anand Mecheri will be heading the new group after the necesary statutory approvals.

As part of the agreement, the company will acquire iMetrex's manufacturing unit in Puducherry and the R and D center in Chennai.

''We have emerged as clear leaders in the building automation and fire safety systems segment. iMetrex, on the other hand, has a very strong position in the domains of electronic security and fire safety solutions,'' said Siemens Managing Director Juergen Schubert commenting on the approval.

The coming together of two strong players with complimentary portfolios will create an entirely new business dynamic, with significantly greater financial scale and resources, he added.

iMetrex has a turnover of Rs 1,610 million and has operations in India, Ireland, the UK, Singapore and Hong Kong.It is a leading provider of products and solutions in electronic security, safety and building automation systems.

UNI