The deal aims to bring the US technology into Europe. "Southern States and Siemens have had already many years of supply relationship in the United States and we look forward to much success in Europe," said Raj Anand, CEO of Southern States.
Despite the non-controlling stake, Siemens emphasises the Coelme Group will continue to operate as a standalone company, independent of Siemens. The deal is expected to be completed in the first half of calendar year 2019.
"The development and the flexibilization of the transmission grids are of greatest importance for achieving the climate targets. In this context, innovative high voltage disconnect switches remain an important portfolio. Our cooperation with Coelme accelerates innovations and broadens the range of offers for our customers," said Ralf Christian, CEO of the Energy Management Division at Siemens.
"We have built up a close relationship with Coelme Group for years as a valuable supplier of high-quality products," said Beatrix Natter, CEO of Transmission Products at Siemens Energy Management. "With the signing of the share purchase agreement, we are raising our collaboration to a new level and we are looking forward to growing the business together with our partner".
"This agreement sounds like a good way forward after several decades of supply relationship between Coelme Group and Siemens," said Francesco Basso, CEO and Chairman of Coelme Group.