Siemens to Acquire Morgan Construction Company
03 January 2008 - 6:40AM
PR Newswire (US)
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.
http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO
http://photoarchive.ap.org/ DATASOURCE: Siemens Division Industrial
Solutions CONTACT: Press Office Industrial Solutions, Wieland
Simon, +49-9131-7-46169; Fax -25074, Web site:
http://www.usa.siemens.com/
http://www.morganco.com/html/home_page/home.html Company News
On-Call: http://www.prnewswire.com/gh/cnoc/comp/000728.html
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