The Serbian unit of Siemens said it plans to acquire local supplier of aluminium body parts for rail vehicles Milanovic Inzenjering. The value of the transaction was not disclosed. The acquisition of Milanovic Inzenjering will be completed at the beginning of 2018, as the transaction is subject to regulatory approvals.
Milanovic Inzenjering was incorporated in 2001. Last year, the company recorded a revenue of EUR 15.3 million and has a workforce of 430 employees.
“By acquiring Milanovic Inzenjering, Siemens strengthens its worldwide production network in the railway industry, as well as the position of its local unit in this market. With this acquisition, we have gained an optimal position for future projects in the competitive global rail market,” the general manager of Siemens Serbia, Udo Ehlinger, said.
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