Siemens sells Napier Turbocharger business to Primary Capital
Siemens Energy announced today that it has sold its Napier Turbocharger business, a 100 percent subsidiary of the Oil & Gas Division, to the investment firm Primary Capital, London. Napier operates in Lincoln, Great Britain, and employs 160 workers engaged in design, manufacture and service of turbochargers used with diesel and gas engines in marine, power generation, and rail traction applications. Napier generates an annual turnover of more than GBP30 million. Primary Capital has purchased the business for an undisclosed sum and intends to further develop Napier’s product portfolio and increase the turnover of the company.
Siemens had announced its plan to sell its turbocharger business in March, 2007. Orders and sales of the Napier Turbocharger business have risen over the last three years and the future outlook is for continued growth driven by an expanding market. “The Napier business does not form a part of our core business of the division but it is renowned as an innovative company with an excellent suite of products”, said Frank Stieler, CEO of the Siemens’ Oil and Gas Division. “I am pleased that Napier has been acquired by Primary Capital who committed to investing further in R&D and in the expansion of the turbocharger business.”
“As an independent business, Napier will have the flexibility to work more closely with its partners”, said Neil Wallace, an Investment Director with Primary Capital.
The Siemens Energy Sector is the world’s leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2007 (ended September 30, based on IFRS), the Energy Sector had revenues of approximately EUR20 billion and received new orders totaling around EUR28 billion and posted a profit of EUR1.8 billion. The Energy Sector had a work force of 73,500 at the beginning of fiscal 2008. Further information is available at: www.siemens.com/energy.
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