The Hindu Business Line : Siemens unit buys US co Morgan Construction

Siemens’ industrial solutions division on Wednesday announced the acquisition of the US-based Morgan Construction Co, which produces rolling mill products and services for the metals industry globally.

Morgan employs around 1,100 people in the US, China, India and the UK.

“Siemens intends to take over 100 per cent of Morgan Construction shares,” the company said. The purchase price has, however, not been disclosed.

Founded in 1888, Morgan Construction has designed and installed more than 450 rod, bar and billet mills in over 40 countries. Recently, Rashtriya Ispat Nigam Ltd, the holding company of Visakhapatnam Steel Plant, awarded Morgan Construction a multi-million dollar contract to build a complete two-strand wire rod mill.

Morgan led a consortium of partners, including Morgan India, Stein Heurtey and MECON, to bag the VSP contract. The new mill will complement a four-strand Morgan rod mill built for VSP in the mid-1980s.

“With the acquisition of Morgan Construction, we combine its competence in the sector of rolling mill equipment with our know-how in industrial automation,” said Dr. Richard Pfeiffer, CEO, Siemens VAI Metal Technologies.

Morgan Construction will be a group company of Siemens Industrial Solutions and Services under the responsibility of the IS Business Unit VAI Metals Technologies, headquartered in Linz, Austria.

More Stories on : Mergers & Acquisitions | Steel | Siemens Ltd

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