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Siemens has acquired a 50% stake in Flender from Babcock Borsig Limited. Flender was a joint venture between Babcock Borsig and Flender AG, which was globally acquired by Siemens AG in August 2005. With the signing of the closing agreement and completion of necessary procedures, Flender is now a Siemens company in India. As announced earlier, Siemens Board had approved the proposal to acquire a 50% stake in Flender Ltd.
Flender is one of the leading players in the industrial gearboxes segment with revenues of around Rs. 857 million for the year ended September 30, 2005. Its current employee strength is around 325 and has a manufacturing facility at Kharagpur, West Bengal. The company caters to the major market segments like cement, sugar, steel and rubber.
Mr. J. Schubert, Managing Director, Siemens Ltd., said, “It is our continuous endeavour to keep expanding our portfolio that will bring direct benefit to our customers - at a single point. The addition of Flender’s business, which is a part of our Investment-led growth strategy, is yet another step this customer-oriented approach. The new business will enhance our Automation and Drives offerings and strengthen its drive technology portfolio by adding gear systems.”
Siemens Ltd is the flagship of the Siemens Group in India. The Siemens Group is a leading provider of industry and infrastructure solutions in India with a business volume aggregating about Rs 5400 crores. It operates in the core business segments of Energy, Industry and Buildings, Information Technology, Communication, Transportation, Healthcare and Lighting. It has a nation-wide Sales and Service network, 17 manufacturing plants, some 500 strong network of channel partners and through its 12 Companies, the Siemens Group employs over 12,000 people.