Siemens arm to acquire Morgan Construction Company of US

24 January 2008

Mumbai: The Siemens Division Industrial Solutions, an arm of Siemens AG of Germany, will acquire US-based Morgan Construction Co. to boost its metal technology business.

Siemens would take 100 per cent stake in Morgan Construction and both companies have agreed not to disclose the purchase price, Siemens said in a release.

The transaction is subject to the approval of the relevant authorities, it added.

Worcester, MA-based Morgan reported 2006 sales of $180 million and employed around 1,100 people in the US, China, India, the UK, and Brazil.

Founded in 1888, Morgan Construction Company is a leader in rolling mill technology and a worldwide supplier of wire rod rolling-mill equipment for the long-products industry. Morgan has designed and installed more than 450 rod, bar, and billet mills in over 40 countries worldwide.

The technology includes the patented reducing/sizing mill, which enables products to be rolled faster, with closer tolerances and at lower costs.