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Besides India, the company also has operations in Ireland, UK, Singapore and Hong Kong. With this acquisition, Siemens will consolidate its building technologies business and strengthen its already leading position.
At its meeting held today, the Siemens Board has approved the proposal to acquire a 77% stake in iMetrex Technologies. Under the share purchase agreement, Siemens Ltd. will have the option of acquiring balance stake of 23% in the next five years. The Board has also approved the integration of its Building Technologies business (SBT) into the newly acquired company, proposed to be known as Siemens Building Technologies Ltd. This new Company, will be a subsidiary of Siemens Ltd., India and will be headed by Mr. Anand Mecheri, the current Executive Chairman of iMetrex. This is subject to the necessary statutory approvals.
Based out of Chennai, iMetrex operates within the domain of electronic Security, Safety & Building Automation Systems. Besides direct operations in India, Ireland, UK, Singapore and Hong Kong, the company is represented by distributors and partners in many countries in Europe and North America. iMetrex has a turnover of Rs. 1,610 million and an employee strength of 620. As part of this agreement, Siemens will also acquire the Company’s manufacturing unit in Pondicherry and the R&D center in Chennai.
Commenting on the acquisition, Mr. Juergen Schubert, Managing Director, Siemens Ltd., said, “Within a short span of five years, we have established ourselves as a key player in the highly competitive building technologies segment. In this time, we have emerged as clear leaders in the building automation and fire safety systems segment. iMetrex, on the other hand, has a very strong position in the domains of electronic security and fire safety solutions. The coming together of two strong players with complimentary portfolios will create an entirely new business dynamic, with significantly greater financial scale and resources.
He further added, “The acquisition of iMetrex with a strong base in India, particularly with its manufacturing and R&D facilities, will give us an added cost advantage domestically and opens up avenues for export. iMetrex’s competent R&D resources and customer base presents a unique opportunity to jointly build a competence center for SBT’s global platforms, products and applications.”
Says Mr. Anand Mecheri, Executive Chairman of iMetrex Technologies, “With Siemens, the growth potential for iMetrex will increase exponentially. We instantly get global channels for our products and equally derive tremendous scale for our systems integration and distribution businesses in India. At all levels it is a strategic and technological Win-Win for both companies. It’s a perfect match. Siemens gains access to iMetrex’ domain knowledge and resources, whilst we secure global reach and systems integration experience from Siemens that few companies can match”.
About iMetrex Technologies Ltd.
Founded in 2005 by the merger of Europlex Technologies (Ireland) and DATS India Limited, the iMetrex Group consists of three distinct businesses, which have significant synergy between them.
Europlex designs, develops and manufactures state of the art embedded control and communication products and software addressing a wide range of market segments spanning residential, commercial, financial, enterprise, government and high security applications. Europlex offers the next generation in electronic security systems, access control, digital video surveillance, and management systems integrated with fire safety and building services automation. Europlex products are sold through distributors and systems integrators who implement solutions, integrating them with third party peripherals. Europlex has its European head quarters and R&D in Dublin and has also extensive R&D facilities and manufacturing infrastructure in India.
DATS has been operating in India since 1993, during which time it has established itself as India’s leading systems integrator delivering electronic security, safety and building automation systems. DATS delivers integrated end-to-end solutions under a systems integration business model. The DATS business model provides the group with intimate end user application knowledge, which empowers Europlex to better understand end user requirements to design and build better products. The solutions of DATS encompass Europlex and other partner products. The group also includes “VISTA”, one of India’s leading security and fire product distribution businesses.
About Siemens Building Technologies ( SBT)
Siemens Building Technologies (SBT) provides a complete offering of technical infrastructure for security, comfort and efficiency in buildings. SBT is present in over 42 countries around the world and has eight manufacturing facilities in Europe, the US and Asia. In India, SBT is a division of Siemens Ltd. and is established as the leading solution provider for ‘Intelligent Buildings’. It operates in the areas of Building Automation, Heating and Ventilation, Fire Detection, Security systems and Access Control. The division offers Innovative products, systems and total solutions covering the entire chain from engineering to services for high-end buildings.
About Siemens Ltd.
Siemens Ltd. is the flagship of the Siemens Group in India. The Siemens Group in India is a leading provider of industry and infrastructure solutions in India with a business volume aggregating about Rs. 9000 crore. It operates in the core business segments of Energy, Industry and Buildings, Information Technology, Communication, Transportation, Healthcare and Lighting. It has nation-wide Sales and Service network, 17 manufacturing plants, some 500 strong network of channel partners and through its 15 companies, the Siemens Group employs around 16,000 people.