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Acquisition of Flow Division of Danfoss successful

September 6th, 2003

Siemens has completed the acquisition of the Flow Division of Danfoss as of September 1, 2003. A corresponding agreement had already been signed in May 2003. The acquisition comprises two production sites (in Nordborg, Denmark, and in Stonehouse, UK) as well as the worldwide sales organization for electronic flow measurement devices. The 450 employees of the Flow Division achieved sales of approximately 60 million euros in 2002. With this move, Siemens continues to strengthen its market position in the important sector of process automation.

Process automation is a strategic business of the Siemens Automation and Drives (A&D;) Group. Flow measurement devices are a key element for process automation. They are used in industrial sectors such as food and beverages, chemicals/pharmaceuticals and water/waste water, and represent approximately a quarter of the current measuring technology requirements for production processes. With this acquisition, Siemens A&D; is complementing its product and technology portfolio and improving its market access to important customers, especially in Europe and Asia. The flow activities of Siemens and Danfoss will be combined in the new A&D; business unit called Siemens Flow Instruments and headquartered in Nordborg.

Siemens A&D; is the leading supplier of automation systems, products and solutions for the manufacturing industry worldwide. In process automation, the Siemens Group intends to close the gap on the leaders in the sector. For this reason, A&D; has already made several acquisitions in recent years: Applied Automation, USA (1999), Turbo-Werk Cologne (1999), Milltronics Process Instruments, Canada (2000), Moore Process Automation, USA (2000), Axiva (2000), AltOptronic, Sweden (2001).

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