Siemens has agreed to acquire a 25% stake in Coelme Group, an Italian-based subsidiary of Southern States, one of the leading manufacturers of high voltage disconnect switches.
Image: Siemens to acquire 25% stake in Coelme Group. Photo: courtesy of Fré Sonneveld on Unsplash.
Siemens Energy Management Division CEO Ralf Christian says: “The development and the flexibilization 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.”
Coelme Group continues to operate as a standalone company, independent of Siemens. Coelme Group and Siemens will have a business relationship at Arm’s- Length Principle. Closing of the transaction is subject to customary closing conditions including approval by the relevant competition authority. Closing is expected to be completed in the first half of calendar year 2019.
“We have built up a close relationship with Coelme Group for years as a valuable supplier of high-quality products,” said Beatrix Natter, CEO of Transmission Products at Siemens Energy Management. ”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“.
Southern States’ CEO Raj Anand said: “Southern States and Siemens have had already many years of supply relationship in the United States and we look forward to much success in Europe.”
Coelme Group CEO and chairman Francesco Basso said “This agreement sounds like a good way forward after several decades of supply relationship between Coelme Group and Siemens.”
Source: Company Press Release