DAIMLER-BENZ TO SELL AEG ELECTROCOM TO SIEMENS; Another Important Step Toward Focusing on Transportation Products and Services.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and STUTTGART, Germany --(BUSINESS WIRE)--Jan. 13, 1997-- Daimler-Benz AG will sell its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. AEG AEG Aeger (Latin: Sick) AEG Allgemeine Elektrizitäts-Gesellschaft (Common Electricity Company) AEG Aircraft Evaluation Group AEG Association of Engineering Geologists AEG Air Expeditionary Group Electrocom GmbH, Constance, Germany, and AEG ElectroCom International Inc. (ECA ECA See: Export Credit Agency ), Irving, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to , to the Siemens Automation division, based in Nuremberg, Germany. With this sale, Daimler-Benz largely completes its effort to focus the group's business on traffic, transport and service. Following the sale, the Daimler-Benz group will be comprised of 23 business units compared to 35 in mid-1995. As announced today by both companies, the 100% acquisition by Siemens will be effective retroactively from Jan. 1, 1997. The contracts have already been signed. The takeover is subject to the approval of anti-trust authorities. The companies have not made a statement concerning the purchase price. AEG Electrocom has an excellent position in the market and is performing successfully. However, since the dissolution of AEG in 1996, this sector no longer is relevant to the focus of the Daimler-Benz group. With AEG Electrocom, Siemens acquires the perfect complement to the existing activities of its automation division. AEG Electrocom is a leading supplier in the field of sorting and recognition systems for postal automation. In 1995, the company recorded worldwide sales of approximately DM 650 million. Sales for 1996 are expected to total approximately DM 1 billion. In recent years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time American market has accounted for around 70% of total sales. Electrocom employs a workforce of just under 3,000 worldwide, 40% in the U.S. and 60% in Germany. Approximately 10,000 Electrocom letter sorting systems are currently in use in 29 countries around the world. Daimler-Benz is Germany's largest industrial group with 290,000 employees worldwide and revenues of well over $70 billion. Daimler-Benz and its corporate units, Mercedes-Benz, Daimler-Benz Aerospace and Daimler-Benz InterServices (debis), provide a comprehensive range of products and services primarily in the area of traffic and transportation on land and sea, by air and in space. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , where Daimler-Benz employs more than 20,000 people at 30 companies, is the largest regional market outside Europe and accounts for approximately 20 percent of worldwide revenues. In 1993, Daimler-Benz became the first German company to list its shares on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (symbol:DAI). CONTACT: Daimler-Benz AG Eckhard Zanger, 011 49 0711 17-93311 011 49 0711 17-94686 (fax) or Daimler-Benz North America Corp. Bernhard Harling, 212/909-9717 212/308-4252 (fax) or AEG Electrocom GmbH Winfried Schaaf, 011 49 07531 86-2037 011 49 07531 66549 (fax) or Electrocom Automation L.P. Janet Jennings, 817/695-5419 817/695-7544 (fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion