Siemens to acquire majority stake in iMetrex Technologies

Chennai, Apr 25 (UNI) Leading manufacturer of electronic goods Siemens Limited has announced that it will acquire a 77 per cent stake in iMetrex Technologies Limited, a city-based leading provider of products and solutions in the areas of electronic security, safety and building automation systems.

Besides, India, the company had operations in Ireland UK, Singapore and Hong Kong.

At its meeting held today, Siemens Board of Directors approved the proposal to acquire 77 per cent stake in IMetrex Technologies.

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

The Board also approved the integration of its Building Technologies business into the newly acquired company, proposed to be known as Siemens Business Technologies Limited.

This new company, would be a subsidiary of Siemens India.

With the acquisition, Siemens would consolidate its Building Technologies Business(BTB) and strengthen its already leading position, company Managing Director Juergen Schubert told newspersons here today.

"The acquisition of iMetrex with a strong base in India, particularly with its manufacturing and R&D facilities, will give us an added cost advantage domestically and opens up avenues for export", he added.

Mr Schubert said IMetrex's competent R&D resources and customer base presents a unique opportunity to jointly build a competence centre for BTB's global platforms, products and applications.

UNI