Germany's Siemens has successfully completed the acquisition of the Serbian company Milanovic Inzenjering, the company announced.
As stated in the press release, the institutions in charge of protection of competition have issued an approval and all the requirements for the acquisition of this Kragujevac-based producer of aluminum components for rail vehicle bodies have been successfully met.
– The acquisition of Milanovic Inzenjering is, above all, a benefit for our clients, as well as the strengthening of Siemens' international network of producers in the field of rail industry and our position in Serbia. We are very pleased with the fact that this is Siemens' second factory in Serbia and we are looking forward to a continuation of our successful operations – stated Udo Eichlinger, CEO of Siemens Serbia.
This transaction pertains to the operations of Milanovic Inzenjering with the exception of the water treatment unit. The company was founded in 2001, and its turnover in 2016 amounted to EUR 15.3 million. It currently employs around 430 people.
– Joining the Siemens family is a remarkable opportunity, not just for out team, but for the town of Kragujevac and the entire Sumadija region as well – said Bratislav Milanovic, owner of Milanovic Inzenjering.