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[September 2002]
Siemens Divestments to Include Ceramics Business
The European Commission announced on 10 September 2002 that it had cleared the acquisition of seven Siemens business activities and subsidiaries by investment firm Kohlberg Kravis & Roberts. The Siemens units involved are active in various fields, including ceramics, plastics machinery, gas springs and data communication. The transaction does not raise any competition concerns since the acquiring company presently has either no or little presence in the markets concerned.Kohlberg Kravis & Roberts Co L.P. (KKR) is a US-based investment company. It proposes to acquire the Siemens businesses through two Canadian funds and a Luxembourg holding company in which Siemens will retain a non-controlling minority shareholding. The Siemens subsidiaries being acquired are all based in Germany and they are the 'Ceramics', 'SENS' and 'Metering' business units plus Demag Cranes Components, Gottwald Port Technology, Mannesman Plastics Machinery and Stabilius.
The EC said that KKR was only previously concerned in two fields - data and voice communications. The Commission also identified a vertical relationship in the area of gas springs used for automatic telling machines in which another of KKR's portfolio companies is active, but this was considered insignificant.
ENDS