The transaction is expected to be completed in the first half of 2019, subject to regulatory approvals. The purchase price has not been disclosed.

As a manufacturer of power electronics in the energy sector, Kaco new energy, headquartered in Neckarsulm, Germany, is active in more than nine countries through local sales and service companies and with more than 350 employees. Kaco new energy's product line ranges from inverters for single-family homes, large buildings and infrastructures to complete systems for solar parks that generate several megawatts of electricity. The company places particular emphasis on the fastest-growing segments of string inverters for photovoltaic and storage applications, with voltages of up to 1500 V and the latest semiconductor technology. In addition, Kaco new energy has developed inverters based on silicon carbide (SiC) - a technology that offers advantages in terms of power density and thermal behavior.

Kaco new energy has been managed by Ralf Hofmann as managing partner since 1999. Mulfingen-based entrepreneur Gerhard Sturm has been a shareholder since 2016.

"The acquisition gives Siemens access to the latest technologies, while Kaco new energy benefits from the resources required for accelerated growth. Together, we will be able to deploy these technologies in new, exciting growth segments," explains Siemens Executive Board member Cedrik Neike.

Jean-Christoph Heyne, responsible for the new Siemens Future Grids Business Group, adds: "Siemens is in a strong position to succeed in technologies for the energy and mobility transition. With the acquisition of Kaco new energy, we are expanding our portfolio in attractive growth segments at the interface between the power grid and buildings. On April 1, 2019, we launched the new operating company Smart Infrastructure. With our outstanding expertise in electrification and buildings, we are in a good position to be successful in the market and to further expand our activities in the areas of decentralized and renewable energies, storage systems and charging infrastructure for electromobility."