Siemens AG

ots Ad hoc-Service: SIEMENS AG Atecs Mannesmann and Siemens pool automotive activities to become world-leading systems supplier for high-tech electronics

The sender is solely responsible for the contents of this announcement. --------------------------------------------------------- Düsseldorf/Berlin (ots Ad hoc-Service) - Atecs Mannesmann AG, Düsseldorf, and Siemens AG, Berlin/Munich, are pooling their automotive systems businesses in a joint venture. Atecs Mannesmann, Mannesmann AG's automotive systems and industrial arm, which is slated for public listing this June, is contributing all the activities of Mannesmann VDO. Siemens is contributing its entire Automotive Systems Group. Each partner will retain a 50-percent stake in the joint venture, Atecs Siemens Automotive AG. The merger will create the world's leading supplier of high-tech electronic systems, with sales totaling some Euro 7 billion and a worldwide workforce of about 50,000 employees. The new company will begin operations, subject to approval of the responsible boards and antitrust authorities, on July 1,2000. By combining their activities, Mannesmann VDO and Siemens' Automotive Systems Group will strengthen their competencies in key technologies and lay the basis for further profitable growth. The new systems supplier intends to double its business volume to Euro 14 billion within five years. By consolidating its resources, primarily in R&D, procurement, production and sales, the company expects an additional middle-term earnings potential of some Euro 400 million a year. End ----------------------------------------------------- Internet: http://recherche.newsaktuell.de Original-Content von: Siemens AG, übermittelt durch news aktuell

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