Bosch and Siemens agreed that Robert Bosch will acquire Siemens’ 50 percent stake in the joint venture BSH. The JV was created in 1967. The purchase price will total €3 billion. In addition, Siemens and Bosch will each receive from BSH an additional distribution of €250 million before the transaction is completed. Besides, the transaction, which still requires regulatory approval, will probably be completed in the first half of calendar year 2015. BSH will then become a wholly owned subsidiary of the Bosch Group. Under the terms of the agreement, BSH will also be allowed to produce and market household appliances under the Siemens brand over the long term.
“BSH has been a successful and profitable company for many years. Strategically and technologically, it is a perfect match for the Bosch Group”, said Volkmar Denner, chairman of the board of management of Robert Bosch. “The sale of our BSH stake is part of our drive to continue focusing very intensively on our core business. In a constantly strong partnership over the last few decades, Bosch and Siemens have made BSH a successful leader in the area of household appliances. By uniting continuity with new perspectives, I’m convinced that Bosch’s complete acquisition of BSH will offer BSH’s customers, distribution partners and employees a very solid and sustainable structure,” commented Siemens CFO Ralf P. Thomas.
