Voith to buy Siemens Energy's stake in German hydro turbines JV
The Eglisau hydro power plant in Switzerland. Source: Voith Group.
Germany’s Voith Group has agreed to take full control of its hydroelectric turbine supplying joint venture with Siemens Energy AG (ETR:ENR), it was announced on Friday.
The technology group said in a press release that it will acquire its partner’s 35% stake in the former Voith Siemens Hydro Power Generation GmbH & Co KG for an undisclosed sum in order to beef up its core business in the field of sustainable technologies.
The transaction is expected to close near the end of next year’s opening quarter, if approved by regulators.
The JV was set up in 2000 to combine Voith’s turbine knowledge with the generator know-how of Siemens. “Today, Voith Hydro has comprehensive expertise as a complete provider of ‘water to wire’ solutions which means the original joint venture structure has little relevance for business operations anymore,” Voith noted.