Siemens (PK) (USOTC:SIEGY)
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2 Months : From Dec 2019 to Feb 2020
By Mauro Orru
Siemens AG (SIE.XE) said on Friday that it has signed an agreement through its local subsidiary Siemens Ltd. (500550.BY) to acquire New Delhi-based C&S Electric Ltd.
The German engineering conglomerate said it would acquire approximately 99% of C&S Electric Limited for roughly 267 million euros ($295.6 million).
"The addition of C&S Electric's products, sales network, manufacturing units and a highly competent employee base will complement and strengthen the range of Siemens' offering," said Sunil Mathur, managing director and chief executive at Siemens Ltd..
Siemens added that C&S Electric has more than 5,000 employees.
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(END) Dow Jones Newswires
January 24, 2020 08:51 ET (13:51 GMT)
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