Siemens acquires Greek firm
ZUG, Switzerland--Siemens added some muscle to its security business on July 31 when it signed an agreement to acquire Kintec A.E., a security systems and service provider headquartered in Athens, Greece. Terms of the deal were not released.
Founded in 1987, Kintec specializes in engineering and maintaining electronic systems to secure operations of remote unmanned technological plants, storage and distribution terminals in the oil industry and protecting other industrial or individual assets. The company had sales of approximately $29 million in 2005.