Siemens To Acquire Majority Stake In IMetrex Technologies Ltd

Siemens Ltd on April 23, 2007 has announced that it will acquire a 77% stake in iMetrex Technologies Ltd. Based in Chennai, iMetrex is a leading provider of products and solutions in the areas of electronic security, safety and building automation systems. Besides India, the Company also has operations in Ireland, UK, Singapore and Hong Kong. With this acquisition, the Company will consolidate its building technologies business and strengthen its already leading position.At its meeting held on April 23, 2007, the Companys Board has approved the proposal to acquire a 77% stake in iMetrex Technologies. Under the share purchase agreement, the Company will have the option of acquiring balance stake of 23% in the next five years. The Board has also approved the integration of its Building Technologies business (SBT) into the newly acquired Company, proposed to be known as Siemens Building Technologies Ltd. This new Company, will be a subsidiary of the Company, India and will be headed by Mr. Anand Mecheri, the current Executive Chairman of iMetrex. This is subject to the necessary statutory approvals.