SIE Siemens N Ord

RNS Number:6719H
Siemens AG
21 March 2000


Atecs Mannesmann and Siemens pool automotive activities to become world-leading
systems supplier for high-tech electronics

Atecs Mannesmann AG, Dusseldorf, and Siemens AG, Berlin/Munich, are pooling
their automotive systems businesses in a joint venture.  Atecs Mannesmann,
Mannesmann AG's automotive systems and industrial arm, which is slated for
public listing this June is contributing all the activities of Mannesmann and
VDO.  Siemens is contributing its entire Automotive Systems Group.  Each partner
will retain a 50-percent stake in the joint venture, Atecs Siemens Automotive
AG.  The merger will create the world's leading supplier of high-tech electronic
systems, with sales totalling some EUR 7 billion and a worldwide workforce of
about 50,000 employees.  The new company will begin operations, subject to
approval of the responsible boards and antitrust authorities, on July 1, 2000.

By combining their activities, Mannesmann VDO and Siemens Automotive Systems
Group will strengthen their competencies in key technologies and lay the basis
for further profitable growth.  The new systems supplier intends to double its
business volume to EUR 14 billion within five years.  By consolidating its
resources, primarily in R&D, procurement, production and sales, the company
expects an additional middle-term earnings potential of some EUR 400 million a
year.

END

JVESELFIFSSSEDD

Siemens N Ord (LSE:SIE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Siemens N Ord (LSE:SIE)
Historical Stock Chart
From Jul 2023 to Jul 2024