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Siemens AG, the German listed technology group, has recently announced the divestment of its subsidiary Siemens Turbomachinery Equipment GmbH to stock-listed, US-based Colfax Corporation (NYSE: CFX), a leading global manufacturer of gas- and fluid-handling and fabrication technology products and services.
Headquartered in Frankenthal, Germany, Siemens Turbomachinery Equipment (STE) is an innovator in the international turbomachinery business and develops, produces and distributes single stage, industrial and environmental compressors, steam turbines up to 12 MW and the related service business. The company sells its products to customers spread all over the world. For the fiscal year ended September 2016, STE had revenues of EUR 146 million and employed around 630 staff. The origin of the Frankenthal site dates back to the foundation of Frankenthaler Kesselschmiede and Maschinenfabrik Kühnle, Kopp & Kausch Aktiengesellschaft in 1899.
With the disposal to Colfax Corporation, Siemens further optimises its product and customer portfolio while it ensures a sustainable future development for STE since the company represents a perfect fit to Colfax. The acquisition will be integrated into Colfax's Howden business platform broadening its range of compression solutions as well as expanding its product offering into small steam turbines.
The transaction is expected to be closed during the fourth quarter of 2017, following completion of carve-out activities and fulfilment of customary closing conditions, including receipt of applicable regulatory approvals.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. In fiscal 2016, which ended on September 30, 2016, Siemens generated revenue of EUR 79.6 billion. At the end of September 2016, the company had around 351,000 employees worldwide.
Dr. Stephan Goetz, Managing Partner
Ivo Polten, Managing Director E-MAIL
Christian Muthler, Managing Director E-MAIL
Daniel Bentrup, Associate Director
Matthias Volk, Associate
Felix Sehardt, Associate
Daniel Mövius, Associate
Philipp Jaeck, Analyst