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ots Ad hoc-Service: SIEMENS AG <DE0007236101> Atecs Mannesmann and Siemens pool automotive activities to become world-leading systems supplier for high-tech electronics

Düsseldorf/Berlin (ots Ad hoc-Service) -

The sender is solely responsible for the contents of this
announcement.
Atecs Mannesmann AG, Düsseldorf, and Siemens AG, Berlin/Munich,
are pooling their automotive systems businesses in a joint venture.
Atecs Mannesmann, Mannesmann AG's automotive systems and industrial
arm, which is slated for public listing this June, is contributing
all the activities of Mannesmann VDO. Siemens is contributing its
entire Automotive Systems Group. Each partner will retain a
50-percent stake in the joint venture, Atecs Siemens Automotive AG.
The merger will create the world's leading supplier of high-tech
electronic systems, with sales totaling some Euro 7 billion and a
worldwide workforce of about 50,000 employees. The new company will
begin operations, subject to approval of the responsible boards and
antitrust authorities, on July 1,2000.
By combining their activities, Mannesmann VDO and Siemens'
Automotive Systems Group will strengthen their competencies in key
technologies and lay the basis for further profitable growth. The new
systems supplier intends to double its business volume to Euro 14
billion within five years. By consolidating its resources, primarily
in R&D, procurement, production and sales, the company expects an
additional middle-term earnings potential of some Euro 400 million a
year.
End
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