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Munich/ Paris (pte033/28.04.2003/13:37) - Siemens Power Generation (PG) http://www.pg.siemens.com/de/index.cfm has purchased the industry turbine division of the French Alstom group http://www.alstom.com .
The purchase was worth 1.1bn euros, as Siemens announced today. The transaction will take place in two steps: first Siemens will take over the smaller gas turbine business (up to 15 MW), and then the German group will purchase the middle-sized gas turbine ( up to 50 MW) and industrial turbine (up to 100 MW) sections.
With this move, PG industrial applications will grow to a consolidated business volume of over two billion euros and employ 10,000 people. The company's headquarters will remain in Duisberg.
The transaction is still awaiting approval by the antitrust authorities. According to Siemens, Alstom Power is one of the world's leading industrial turbine producers. In 2002 the company achieved a turnover of 1.1 bn euros. Siemens PG achieved earnings before interest and taxes of 1.58bn euros and a turnover of 9.4 bn euros last year, employing 26,000 people all over the world.
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