Siemens plans to acquire the Dutch sister companies NEM B.V. and Nem Energy Services B.V. (NES). The two specialists in heat recovery steam generators for combined cycle power plants (CCPP) together employ a workforce of about 1000. The companies are currently owned by HTP Capital B.V. The takeover is subject to regulatory approval by the European Commission.
“Heat recovery steam generators are key components for our business and account for about 15% 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 a combined-cycle power plant, the hot exhaust gases from a gas turbine are passed through a heat recovery steam generator (HRSG) to raise steam that drives a steam turbine. In 2007, Siemens took over the HRSG business of Balcke Dürr Austria GmbH and created heat recovery steam generators for projects such as the Irsching 4 plant, which holds the world record with a certified CCPP net efficiency of 60.75%, according to Siemens.
NEM mainly designs, engineers and sells heat recovery steam generators, whereas NES is in the associated service business. NEM and NES, with headquarters in Leiden and Utrecht, the Netherlands, operate worldwide and have branches/affiliates in Egypt, Germany, Malaysia, the United Arab Emirates and the U.S.A. Subject to approval by the 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 about US$241.5 million (€170 million), but the final price will depend on the business development at NEM and NES until financial closing, Siemens said.