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Friday, 10 May 2002
+++ INTRACOM S.A. has acquired 41% of Siemens Tele Industrie
S.A. +++
INTRACOM S.A. announced the acquisition of 29% of Siemens
Tele Industrie S.A. from Siemens Information and Communication Networks
(IC Networks). A further 12% of Siemens Tele Industrie S.A. was acquired
by INTRACOM from the National Bank of Greece. 'Siemens Tele Industrie
A.E.' is now jointly owned by INTRACOM and Siemens with a 41% share each
while the National Bank of Greece maintains 18%.
Siemens Tele Industrie S.A., manufactures cutting edge
telecommunications' products contributing to the sector's technological
development in Greece. INTRACOM's participation is part of a strategy
for the optimisation of production around the world in order to meet increased
customer requirements announced by IC Networks
INTRACOM is the largest manufacturing
integrator of telecommunications and IT products and networks in South
Eastern Europe. Other company activities include Energy Management Systems,
Defense and Satellite applications. INTRACOM has an international presence
in more than 50 countries worldwide. The INTRACOM Group, including its
affiliates and subsidiaries, employed 7,500 people during the fiscal year
2001 with a total turnover exceeding 1.4 billion Euro and 250 million
Euro profits before tax. Group exports rose to 310 million Euro in 2001
and are expected to rise to 430 million Euro in 2002.
Siemens Information and Communication
Networks (IC Networks) is a leading provider of network technology
for enterprises, carriers and service providers. Its comprehensive portfolio
comprises IP-based convergence solutions for voice and data (HiPath for
enterprises, SURPASS for carriers), a full range of solutions for broadband
access (Attane), and optical transport networks (TransXpress). The Siemens
Group thus provides complete solutions from a single source for the infrastructure
of the Next Generation Network - optimized for a prompt return on investment
and to open up new business opportunities for customers. In fiscal 2001
(year-end 30 September) IC Networks employed 51,000 people worldwide and
posted sales of EUR 12.9 billion.
No changes in staff and products are foreseen. The company
will provide extended services to all its customers in Southeastern Europe
and the Mediterranean.
The agreement is subject to confirmation by the European
Commission.
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