Siemens is expanding its business in industrial drive technology by acquiring Flender Holding GmbH, Germany. The deal was closed by Siemens and the seller, Citigroup Venture Capital (CVC) Equity Partners, London. The purchase price amounts to € 1.2 billion. The transaction is subject to the approval by the responsible anti-trust authorities. The activities of Flender Holding GmbH are to be integrated into the Siemens Automation and Drives Group (A&D) as its eleventh division.

With 6,700 employees at 80 locations worldwide and sales of € 1.012 billion (fiscal year 2003/04), the Flender Group is a successful supplier of mechanical and electrical drive equipment, such as is typically used in mechanical engineering, basic materials processing, transport and conveying systems and also in power generation. Flender’s product portfolio particularly concentrates on gear technology, ranging from couplings and industrial gear units to gear motors and large gears for ships and wind power stations. The regional activities of the Flender Group are mainly concentrated in Germany, France, China, India and the USA.