...installation technology.
Siemens Automation and Drives signed an agreement to buy a majority of shares in the Letohrad-based company, Siemens said in a statement.
OEZ has 1,300 employees and had sales of 41 million euros ($53.9 million) in 2005, Siemens said, adding that the two companies had agreed not to disclose financial details of the deal.
"OEZ is the market leader in the Czech Republic and Slovakia for low-voltage controls and distribution and electrical installation technology and is active in branches in Russia, Poland and the Ukraine in Eastern Europe," Siemens said.
[FRANKFURT/Reuters/Finance.cz]