Siemens says acquisition will strengthen its position in oil and gas industry and in field of decentralised power generation
German engineering firm Siemens on Tuesday announced it would buy the energy production arm of Britain’s Rolls-Royce for 950m (£780m) to strengthen its standing in the oil and gas industry.
"Siemens is acquiring the Rolls-Royce Energy aero-derivative gas turbine and compressor business and thereby strengthening its position in the growing oil and gas industry as well as in the field of decentralised power generation," the firm said in a statement.