Siemens plans to acquire the Dutch sister companies NEM B.V. and Nem Energy Services B.V. (NES). The two specialists in making and servicing heat recovery steam generators for combined-cycle (gas and steam) power plants together employ a workforce of around 1000 and booked sales of EUR325 million in fiscal 2010 (ended September 30). The two companies are currently owned by HTP Capital B.V. The take-over is subject to regulatory approval by the European Commission.
"Heat recovery steam generators are key components for our business and account for about 15 percent of the value creation in the construction of a combined-cycle power plant. This purchase enables us to expand our capacities and enhance our expertise over the long term," says Roland Fischer, CEO of the Fossil Power Generation Division within Siemens' Energy Sector.
“Taking over these businesses further strengthens our position in the gas and steam power plant sector. We already hold the world record for efficiency in these highly versatile power plants and are looking forward to a steady stream of incoming orders,” adds Fischer. In 2007, Siemens acquired the HRSG business of Balcke Dürr Austria GmbH and went on from there to engineer and build innovative heat recovery steam generators for projects such as Irsching 4, which holds the world record with a certified CCPP net efficiency of 60.75 percent. Owing to their extremely versatile output control capability and short startup times, combined-cycle power plants are ideal for compensating for the natural fluctuations inherently associated with wind and solar power.
“The strategies of Siemens and NEM ... are very much in line”, says Gerard Van Dijk, CEO of NEM Holding. “The addition to the Siemens Group provides NEM with access to the international network of Siemens. Moreover, Siemens, being a supplier of gas turbines, and NEM, supplier of HRSG's are strongly complementary organisations. Altogether, this makes Siemens a very strategic partner to us.“
Subject to approval by the anti-trust authorities, Siemens will purchase the company NES and will take over the major part of NEM's business. Siemens expects the purchase price to be in the region of EUR170 million, but the final price will depend on business development at NEM and NES between now and financial closing.
Linkedin
