VA technology
| VA Technologie AG
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|---|---|
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| legal form | Corporation |
| Seat | Vienna , Austria |
The VA Technologie AG (short VA Tech ) was from the mid-1990s to 2005, the largest Austrian technology group.
history
VA Tech emerged from Austrian Industries (a former conglomerate project of the then ÖIAG boss Hugo Michael Sekyra ). The majority privatization took place in May 1994 through an IPO. In 1997 " ELIN-UNION AG " , which had been nationalized since 1946 , and the Upper Austrian company Elektro Bau AG , which had also been nationalized since 1955, were taken over and merged to form " VA Tech Elin EBG ", today's division for infrastructure.
Takeover by Siemens
With a turnover of almost 4 billion euros in 2003 and around 17,000 employees worldwide, VA Tech was Austria's largest technology group. In Austria, the group employed around 8,000 people in Linz , Weiz and Vienna .
The group was represented by subsidiaries and representative offices around the world and the majority was in free float . The Austrian state was one of the largest owners through the state privatization agency Österreichische Industrieholding AG (ÖIAG) with a share of 14.7% of the shares. The shares were listed on the Vienna Stock Exchange. A group of investors around the Viennese investors Mirko Kovats and Ronny Pecik held more than 15% of the shares between 2003 and 2004, making them the largest owners. Two US investor groups, Goldman Sachs and Fidelity Investments , together held more than 10% of the shares. VA Tech posted a loss of 15 million euros in 2003 and a loss of 70 million euros in 2004, partly due to remedial measures. In order to reorganize the troubled T&D and Wabag divisions and to finance their growth, VA Tech wanted to carry out a capital increase of almost 200 million euros in 2004.
In November 2004 Mirko Kovats withdrew from the company and, despite previous denials, sold his 17 percent stake to Siemens AG . This privatization of the group was highly controversial in Austrian domestic politics.
In February 2005, the Siemens group took over VA Tech for around one billion euros (97.15 percent of the shares). On 13 July 2005, approved EU - competition watchdog the acquisition official, but being from antitrust reasons of water power plants are sold (VA Tech Hydro) had.
Sale of VA Tech Hydro
In February 2006, the cross consortium of the KTM major shareholder Stefan Pierer and Andritz AG submitted binding offers for the sale of VA Tech Hydro , as required by the EU . On February 17, 2006 Andritz AG announced that it had received the contract from Siemens and that it would take over the hydropower division of VA Tech Hydro. The purchase agreement was signed on April 11, 2006. The “Caloric Power Plants” division will remain with Siemens. No purchase price was given; it is estimated at 170 to 180 million euros.
Sale of VA Tech Wabag
On November 6, 2007, Siemens AG Austria transferred all shares in its wholly-owned subsidiary VA TECH WABAG GmbH, Vienna to VA TECH WABAG India Ltd. based in Chennai , India. VA TECH WABAG India was a subsidiary of WABAG Austria until 2005. Today, WABAG India is majority owned by a private equity fund, that of ICICI Venture, a subsidiary of the largest Indian private bank ICICI Bank.
Divisions
VA Tech was divided into various corporate divisions, which have gradually been incorporated into the divisions of the German group since the takeover by Siemens in 2005 . With the integration of the following four divisions, around 5,000 customers were also taken over.
- Metallurgy technology , see VOEST-Alpine Industrieanlagenbau (VAI), was taken over by Mitsubishi in 2014 and renamed into a joint venture between Siemens and Mitsubishi Heavy Industries under the name Primetals Technologies based in London in January 2015
- Energy generation , see VA Tech Hydro and WABAG
- Energy transmission and distribution , now part of the “Smart Grid” (SG) division in the Siemens Group
- Infrastructure , see VA TECH ELIN EBG
literature
- Rudolf W. Krtina: The Siemens - VA-TECH Connection. Ibera, Vienna 2006, ISBN 978-3850522304 .
Web links
Individual evidence
- ^ Announcement from WABAG , accessed on January 8, 2015.
- ↑ Mitsubishi takes over Siemens VAI , accessed on January 8, 2015.
- ↑ Siemens VAI becomes Primetals Technologies , accessed on January 8, 2015.