Siemens snaps up US Entex outfit
The Euro and the Dollar play together
German conglomerate Siemens, fresh from its success in floating Infineon on both the NYSE and on the Frankfurt Dax market yesterday, has bought Entex, the US reseller. Siemens' HQ in Munich said today that the price it paid to acquire Entex was confidential. That's a secret, to you and me. The new subsidiary has a turnover of $500 million and will be dubbed "Entex IT Service: A Siemens Company". Siemens claims it is now one of the top five IT services companies with sales exceeding E2.2 billion (Euros) and with a combined staff of 13,000 worldwide. The move is part of Siemens' attempt to become a global player in all sectors, according to a representative. On April Fool's Day (1 April) next, Siemens is to merge its own business with subsidiary Siemens Business Services (SBS). Entex has long been held in regard in the US as an independent servicer of corporate IT strategies. That position will remain unchanged, Siemens said. ®
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