Siemens to buy HRSG specialists NEM and NES

Siemens plans to acquire Dutch sister companies NEM B.V. and Nem Energy Services B.V. (NES), which are specialists in heat recovery steam generators (HRSGs) for combined-cycle power plants.

NEM mainly designs, engineers and sells HRSGs, while NES is in the associated service business. NEM and NES have headquarters in Leiden and Utrecht and operate worldwide with branches or affiliates in Egypt, Germany, Malaysia, the UAE and the USA.

“Heat recovery steam generators are key components for our business and account for about 15 per cent of the value creation in the construction of a combined-cycle power plant,” said Roland Fischer, CEO of the Fossil Power Generation Division within Siemens’ Energy Sector.

“This purchase enables us to expand our capacities and enhance our expertise over the long term.”

In 2007, Siemens took over the HRSG business of Balcke Dürr Austria GmbH. Expertise in heat recovery steam generators also helped Siemens recently achieve a net efficiency of 60.75 per cent at Irsching 4.

Siemens has already been working with NEM and NES for several years, most recently on the Dutch Enecogen, Diemen and Hemweg projects and on the T- Power project in Belgium.

Subject to approval by 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 EUR170m ($243m), but the final price will depend on how business develops at NEM and NES until financial closing.

The two firms together employ a workforce of around 1000 and booked sales of EUR325m ($464m) in fiscal 2010, ending 30 September. They are currently owned by HTP Capital B.V.

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