Daily Finland
German technology conglomerate Siemens announced on Thursday that it had signed an agreement to acquire several core businesses of MERMEC Group, a leading Italian provider of railway technologies, reported dpa. MERMEC provides railway signalling, electrification, diagnostics and measurement technologies. The acquisition is intended to strengthen Siemens global rail portfolio and expand its signalling activities, industrial footprint and market access in Italy, according to the company. "By combining MERMECs technological expertise and market access with Siemens Mobilitys global presence and technology leadership, we are strengthening our capabilities in diagnostics, asset-intelligence and signalling capabilities," said Michael Peter, chief executive of Siemens Mobility. Financial details were not disclosed. Financial sources had recently speculated about a purchase price of just over €1 billion. The transaction is expected to close by the end of the year.
Go to News Site