Siemens seeks to buy supplier of video products
September 23, 2004
MUNICH, Germany - Corporate giant Siemens AG announced its plans to buy a supplier of security products, a move that will bolster the companyÃ¢â‚¬â„¢s security-related business.
According to published reports, the deal is for Photo-Scan Plc., an United Kingdom-based manufacturer, for 31.7 million pounds ($56.9 million).
The acquisition, if completed, would expand SiemensÃ¢â‚¬â„¢ offering within the surveillance market and perhaps provide additional products for it in the North American market. Along with offering products, Siemens also operates a systems integration business.
The company has offered video and access control products in the Asia and European market for years, but distribution of video-related products has been limited in the United States. Last year, the company announced plans to roll out an access control panel in North America sometime this year, while its line of fire-related products have been available here for some time.