Shareholders of Voith Siemens Hydro Power Generation and VG Power of Sweden have ratified Voith Siemens’ acquisition of a majority share of VG Power.
The Germany-based Voith Siemens said July 24 the acquisition strengthens its presence in Scandinavian markets, while offering growth potential for VG Power. VG Power, with annual sales of about 10 million euros (US$12.8 million), also brings Voith Siemens a strong business focus on hydro generator rehabilitation.
The agreement is subject to antitrust approvals.
Founded in 2002, VG Power has about 50 employees with a focus on design and manufacture of new generators as well as modernization, rehabilitation, upgrading, service, and repair of electrical equipment for existing hydropower plants.
Voith Siemens, a division of Voith, has 2,600 employees and sales last year of 600 million euros (US$767 million).