LINZ, Austria, Jan. 2 /PRNewswire-FirstCall/ -- The Siemens Division
Industrial Solutions (IS) strengthens its position in metals technologies
with the acquisition of Morgan Construction Co., Worcester, MA, U.S.A., a
designer and producer of high-quality rolling-mill products and services
for the metals industry worldwide. In 2006, Morgan reported sales of 180
Mio USD and employed around 1,100 people in the U.S.A., China, India, the
United Kingdom, and in Brazil. Siemens intends to take over 100% of the
Morgan Construction shares. All parties have agreed not to disclose the
purchase price. The transaction is conditional upon the approval of the
relevant authorities.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO)
Morgan Construction Company is acknowledged as a leader in rolling mill
technology. Founded in 1888, Morgan Construction Company is worldwide
supplier of wire rod rolling-mill equipment for the long-products industry
today. Morgan has designed and installed more than 450 rod, bar, and billet
mills in over 40 countries worldwide, setting benchmarks as a designer,
manufacturer and service provider of high-speed rod, bar, combination mills
and handling equipment for the steel and non-ferrous industries. The
technology includes the patented Reducing/Sizing Mill, which enables
products to be rolled faster, with closer tolerances and at lower costs.
"With the acquisition of Morgan Construction we combine its competence
in the sector of rolling mill equipment with our know-how in industrial
automation," said Dr. Richard Pfeiffer, CEO Siemens VAI Metal Technologies.
"This step underscores our position as a trendsetter in rolling and
processing solutions. We will improve our capabilities to offer integrated
solutions by increasing the degree of standardization."
Philip R. Morgan, President and CEO of Morgan, said: "The fit between
our two companies is remarkably good. Morgan Construction is the
acknowledged leader in the design and manufacture of wire rod mills and
Siemens Metals Technologies has a very strong bar mill group. There are
true synergies between the two companies, which strengthen the position of
both in the flat product rolling mill area." With Siemens, Morgan has
access to the Siemens' resources worldwide, which improves Morgan's global
market presence. "This will assure long-term stability for our
manufacturing facilities and employees," Morgan said.
Morgan Construction will be a group company of Siemens Industrial
Solutions and Services under the responsibility of the IS Business Unit VAI
Metals Technologies, headquartered in Linz/Austria.
Siemens VAI Metals Technologies (MT) is one of the world's leading
engineering and plant-building companies for the iron and steel industry as
well as for the flat-rolling sector of the aluminum industry and for
open-cast mining. MT, which was created from the integration of
Voest-Alpine Industrieanlagenbau, Linz/Austria, plus the electrical
engineering product business and automation solutions of Siemens, provides
a comprehensive range of supplies and services for all related
technological processes and integrated automation solutions for the entire
life-cycle of metallurgical plants.
For more information, please visit
http://www.morganco.com/html/home_page/home.html
This document contains forward-looking statements and information --
that is, statements related to future, not past, events. These statements
may be identified by words as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "will" or words of similar meaning. Such
statements are based on our current expectations and certain assumptions,
and are, therefore, subject to certain risks and uncertainties. A variety
of factors, many of which are beyond Siemens' control, affect its
operations, performance, business strategy and results and could cause the
actual results, performance or achievements of Siemens worldwide to be
materially different from any future results, performance or achievements
that may be expressed or implied by such forward-looking statements. For
us, particular uncertainties arise, among others, from: changes in general
economic and business conditions (including margin developments in major
business areas); the challenges of integrating major acquisitions and
implementing joint ventures and other significant portfolio measures;
changes in currency exchange rates and interest rates; introduction of
competing products or technologies by other companies; lack of acceptance
of new products or services by customers targeted by Siemens worldwide;
changes in business strategy; the outcome of investigations and legal
proceedings as well as various other factors. More detailed information
about certain of these factors is contained in Siemens' filings with the
SEC, which are available on the Siemens website, http://www.siemens.com and on the
SEC's website, http://www.sec.gov. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in the
relevant forward-looking statement as expected, anticipated, intended,
planned, believed sought, estimated or projected. Siemens does not intend
or assume any obligation to update or revise these forward-looking
statements in light of developments which differ from those anticipated.
SOURCE Siemens Division Industrial Solutions
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Related links:
http://www.usa.siemens.com
http://www.morganco.com/html/home_page/home.html/
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CONTACT:
Press Office Industrial Solutions, Wieland
Simon, +49-9131-7-46169; Fax -25074, wieland.simon@siemens.com
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