Power equipment manufacturer Siemens Ltd, a subsidiary of Germany-based Siemens AG, has informed that one of its group firm, Siemens VAI Metal Technologies has finally acquired US-based Morgan Construction to boost its metal technology business.

After the acquisition, Siemen VAI Metal Technologies would have a controlling stake in the US company.

Morgan Construction is a worldwide supplier of wire mill equipment for the long-product sector, and has constructed over 500 wire, bar and billet mills in more than 40 countries. The company has designed and installed more than 450 rod, bar, and billet mills in over 40 countries worldwide.

The company had recorded sales of 230 million dollars in 2007 and employs over 1,000 people in the US, China, India, the UK and Brazil.

On the other hand, Austria-based, Siemens VAI Metals Technologies is one of the world's leading engineering and plant-building companies for the iron and steel industry as well as for the flat-rolling sector of the aluminum industry and for open-cast mining.

This takeover of Morgan's production plants will also enhance Siemens VAI's own value chain in the U.S., Indian and Chinese markets.

However, the financial details of the transaction were kept undisclosed.