Global technology company Siemens has agreed to acquire a 25% non-controlling stake in high-voltage disconnect switches producer Coelme Group, an Italian-based subsidiary of Southern States.
Global technology company Siemens has agreed to acquire a 25% non-controlling stake in high-voltage disconnect switches producer Coelme Group, an Italian-based subsidiary of Southern States.
Coelme Group is engaged in supplying high-voltage disconnect switches across the European market. Southern States is a provider of switching, automation and protection solutions to utilities.
Financial terms of the deal have not been disclosed by the companies.
Siemens energy management division CEO Ralf Christian said: “The development and the flexibilisation of the transmission grids are of greatest importance for achieving the climate targets.
“In this context, innovative high-voltage disconnect switches remain an important portfolio. Our cooperation with Coelme accelerates innovations and broadens the range of offers for our customers.”
Completion of the deal is subject to customary closing conditions including approval by the relevant competition authority. It is expected to take place in the first half of the next year calendar year.
Siemens Energy Management Transmission Products CEO Beatrix Natter said: “We have built up a close relationship with Coelme Group for years as a valuable supplier of high-quality products.
“With the signing of the share purchase agreement, we are raising our collaboration to a new level and we are looking forward to growing the business together with our partner.”
Upon completion, Coelme Group will continue to operate as an independent business entity.
However, Coelme Group and Siemens will have a business relationship at “Arm’s-Length Principle”, according to Siemens.
Headquartered in Berlin and Munich, Siemens is a German conglomerate company, which provides power generation and power transmission solutions for the industry.
Advanced Storage Solutions for Bulk Solids
Fabric Expansion Joints, Metal Expansion Joints and Elastomer Expansion Joints