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25 July 2006 - Voith Siemens Hydro Power Generation yesterday announced that an agreement had been reached for the company to acquire of a majority share in Swedish firm VG Power. VG Power designs and manufactures new generators for hydro power plants and undertakes modernization of existing plants, mostly in the Scandinavian market.
A statement announcing the deal said, "Through the acquisition, Voith Siemens Hydro strengthens its presence in the Scandinavian markets. Above this, VG Power's strong business focus on hydro generator rehabilitation helps Voith Siemens Hydro to widen their expertise in this field. "
VG Power was founded in 2002 and has around 50 employees. Annual sales are around €10m million.
The planned transaction is under the reservation of anti-trust approval.
Voith Siemens Hydro Power Generation is a Group Division of Voith and
- with a workforce of around 2600 employees and sales of around €600m in the past business year.
Recent VG Power contracts include work for E.ON Vattenkraft for refurbishment of generator unit 2 in Storfinnforsen HPP. The scope of supply is mainly a new stator winding, stator core and re-insulation of rotor poles.
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