The Serbian unit of German electronics and engineering group Siemens said it has completed the acquisition of local supplier of aluminium body parts for rail vehicles Milanovic Inzenjering.
Siemens has received the approval of the Serbian competition authorities and all conditions for the acquisition have been successfully met, the Serbian unit of Siemens said in a statement on Monday without revealing financial details of the deal.
“The acquisition of Milanovic Inzenjering is a benefit for our customers, it is strengthening the international manufacturers’ network of Siemens in the field of industry and the position of the company in Serbia. We are very pleased with the fact that this is the second Siemens plant in Serbia and we look forward to continuing our successful business,” the general manager of Siemens Serbia, Udo Ehlinger, said in the statement.
The deal opens opportunities for future projects and both Siemens and Milanovic Inzenjering will take advantage of them, Ehlinger said in a video file posted on the website of Serbian public broadcaster RTS on Monday.
“Joining the Siemens family is a great opportunity, not only for our team, but also for the city of Kragujevac and the entire region of Sumadija,” the founder of Milanovic Inzenjering, Bratislav Milanovic, said in the statement.
Siemens plans further investments and intends to increase its workforce in Serbia, in order to support the growth of Milanovic Inzenjering after the acquisition, Eichlinger said on the sidelines of a business forum held by the regional government of the northern Serbian autonomous province of Vojvodina in December.
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