Siemens Completes Acquisition Of Electrowatt AG; Becomes World Leader In Building Management Solutions.NEW YORK--(BUSINESS WIRE)--Oct. 1, 1998-- Launches New iemens Building Technologies Siemens announced today that it has completed its acquisition of the industrial businesses of Electrowatt AG from Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. and has launched Siemens Building Technologies, the new world leader in building management solutions. Globally, the acquisition will add approximately $3 billion to the annual revenue of Siemens and more than 21,500 employees in 55 countries. The purchase price was approximately $1.75 billion (CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.5 billion). Siemens Building Technologies will consist of former Electrowatt industry segments Landis & Staefa and Cerberus, and the project business and facility management services of the Siemens Industrial Group. Oskar K. Ronner has been named president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the new company, with headquarters in Zurich. In 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. , Landis & Staefa joins Siemens Building Technologies, Inc., as the Landis Division, with John J. Grad continuing as president and CEO. Cerberus Pyrotronics becomes the Cerberus Division of Siemens Building Technology, with Ronald C. Matson remaining as president and CEO of that business. Together, the two North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. divisions accounted for more than $1 billion in sales last year. Headquartered in Buffalo Grove Buffalo Grove A village of northeast Illinois, a suburb of Chicago. Population: 43,300. , Ill., the Landis Division generated more than $726 million in its last year fiscal year (ending 9/30/97), and currently employs some 4,000 engineers and support personnel from 150 locations in North America. Landis is an industry leader in smart building management solutions for nonresidential facilities. It specializes in the design, manufacture and installation of HVAC control systems, as well as in integrated access management, safety and lighting systems. Notable customers include the John Hancock Center For the tower in Boston, Massachusetts, see . The John Hancock Center at 875 N. Michigan Ave. in Chicago, Illinois, is a 100-story, 344 m (1,127 ft) tall skyscraper designed by structural engineer Fazlur Khan of Skidmore, Owings and Merrill. in Chicago and the Transamerica Pyramid The Transamerica Pyramid is the tallest and most recognizable skyscraper in the San Francisco skyline [1]. Built on the location of the historic Montgomery Block, it has a structural height of 260 meters (853 feet) and contains 48 floors of retail and office space. in San Francisco. The company also serves hospitals, universities, commercial office buildings, manufacturing plants, airports, museums, stadiums and shopping malls across the country. The Cerberus Division, headquartered in Florham Park, N.J., has been the world's leading manufacturer of fire protection and security products and services for more than 50 years. Cerberus employs more than 1,500 in North and South America, and generates nearly $170 million in sales from 170 locations. Cerberus serves numerous business, cultural, educational and federal facilities, such as the Empire State Building; Rockefeller Center; Disney World, Orlando; Yale, Notre Dame and Stanford universities; the Art Institute of Chicago Art Institute of Chicago, museum and art school, in Grant Park, facing Michigan Ave. It was incorporated in 1879; George Armour was the first president. Since 1893 the Institute has been housed in its present building, designed in the Italian Renaissance style by ; and the Department of Transportation in Washington, D.C. Since initiating business ventures in the United States 40 years ago, Siemens has emerged as an industry leader in energy and power, health care, industry and automation, information systems, lighting and precision materials, microelectronics and components, telecommunications, transportation and, now, building management solutions. |
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