Siemens AG, Europe's biggest engineering company, agreed to purchase a majority stake in Czech Republic's OEZ to expand in eastern Europe.
OEZ is the market leader in the Czech Republic and Slovakia for „low-voltage controls and electrical installation technology,” Munich-based company said in an e-mailed statement today. Letohrad, Czech Republic-based OES has also branches in Russia, Poland and the Ukraine, the company said. OEZ employs 1,300 people and had sales of €41 million ($54 million) in 2005, Siemens said.
Both parties have agreed not to disclose the purchase price for the majority stake, the company said, adding that the transaction still needs regulatory approval. „Acquiring this profitable vendor will make Siemens the market leader in the Czech Republic and Slovakia,” Siemens said. „The well-known OEZ names are an excellent addition to our portfolio.” (Bloomberg)