Siemens sells Napier Turbocharger business to Primary Capital
Siemens had announced its plan to sell its turbocharger business in March, 2007. Orders and sales of the Napier Turbocharger business have risen over the last three years and the future outlook is for continued growth driven by an expanding market. "The Napier business does not form a part of our core business of the division but it is renowned as an innovative company with an excellent suite of products", said Frank Stieler, CEO of the Siemens' Oil and Gas Division. "I am pleased that Napier has been acquired by Primary Capital who committed to investing further in R&D and in the expansion of the turbocharger business."
"As an independent business, Napier will have the flexibility to work more closely with its partners", said Neil Wallace, an Investment Director with Primary Capital.
Siemens AG Power Distribution Division und Power Transmission Division
The Siemens Energy Sector is the world's leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2007 (ended September 30), the Energy Sector had revenues of approximately EUR20.3 billion and received new orders totaling around EUR28.5 billion and posted a profit of EUR1.8 billion. The Energy Sector had a work force of 73,500 at the beginning of fiscal 2008. Further information is available at: www.siemens.com/energy.