Siemens is acquiring the Connectors and Measurements Division of Expro Holdings UK, a company specializing in the oil and gas industry.

The unit engineers and manufactures subsea components such as cable connectors, sensors and measuring devices. This equipment forms a crucial part of the power grid that Siemens is currently developing for use on the sea bed at depths of down to 3,000 meters.

In the calendar year 2011, the Expro division booked sales of about 90 million euros and currently has a workforce of about 450 in the United Kingdom, Norway, the United States, Brazil and Malaysia. The purchase price is around 470 million euros. The transaction is conditional upon approval by the responsible anti-trust authorities.

"With this acquisition we are strategically expanding our portfolio in the attractive future market for subsea power grids," says Adil Toubia, CEO of the Oil & Gas Division at Siemens Energy. "We can now enhance our know-how in electrification and our research and development activities with the newly acquired skills. The leading products of Expro will help to selectively develop our business further. That will bring us another step closer to our goal of becoming one of the leading providers of subsea power grid and distribution solutions," says Toubia.

Deep-sea applications are one of the fastest-growing market segments within the oil and gas industry. The market volume is expected to reach two billion euros by 2020.

Tags: Siemens Energy