German engineering company Voith has acquired the remaining shares in Voith Hydro from its former partner Siemens Energy.
In 2000, Voith and Siemens Energy established Voith Siemens Hydro Power Generation as a joint venture, to combine the turbine expertise of Voith with the generator capabilities of Siemens.
However, last October, Siemens Energy agreed to sell its stake to Voith – a deal that has been completed today. Voith Group is now the sole owner of what is now once again named Voith Hydro. It develops solutions and services for all sizes of hydropower plants globally.
No financial details of the transaction have been disclosed.
Voith Group chief executive Toralf Haag said: “We are extremely pleased to have completed the acquisition as planned. With this move, we are continuing to systematically pursue our strategy of strengthening our core business in the field of sustainable technologies.”
“As a full-line supplier of hydropower technology, we are ideally placed to exploit the potential of hydropower in the renewable energy mix.”
Voith Group has around 20,000 staff in more than 60 countries and is one of the largest family-owned companies in Europe.
