Ad
Ad
Ad
Ad
Ad
Ad
Ad
Ad
© mikael damkier dreamstime.com Electronics Production | September 22, 2014

Bosch to acquire Siemens’ stake in BSH

Bosch and Siemens agreed yesterday that Robert Bosch GmbH will acquire Siemens' 50% stake in the joint venture BSH Bosch und Siemens Hausgeräte GmbH (BSH).
The transaction has been approved by the Board of Management and Supervisory Board of Bosch and the Managing Board and Supervisory Board of Siemens. The purchase price will total EUR 3 billion. In addition, Siemens and Bosch will each receive from BSH an additional distribution of EUR 250 million before the transaction is completed.

The transaction, which still requires regulatory approval, will probably be completed in the first half of calendar year 2015. BSH will then become a wholly owned subsidiary of the Bosch Group. Under the terms of the agreement, BSH will also be allowed to produce and market household appliances under the Siemens brand over the long term.

“BSH has been a successful and profitable company for many years. Strategically and technologically, it is a perfect match for the Bosch Group,” said Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH. Like the Bosch Group, BSH pursues a long-term, innovation-oriented strategy, is internationally positioned, and committed to good corporate citizenship.

“The sale of our BSH stake is part of our drive to continue focusing very intensively on our core business. In a constantly strong partnership over the last few decades, Bosch and Siemens have made BSH a successful leader in the area of household appliances. By uniting continuity with new perspectives, I’m convinced that Bosch’s complete acquisition of BSH will offer BSH’s customers, distribution partners and employees a very solid and sustainable structure,” said Siemens CFO Ralf P. Thomas.
Ad
Ad
Ad
Ad
Load more news
November 21 2018 11:24 am V11.9.8-1