York County's Voith Hydro, a green energy company, splits from Siemens
West Manchester Township-based Voith Hydro Inc. has broken away from its partner to become the sole owner of the company.
The technology company, which produces a variety of equipment for hydropower generation, acquired the remaining shares owned by its joint partner — Germany-based Siemens Energy on Feb. 28.
This transaction is a step in Voith’s business expansion in exploring sustainable technologies, according to the company.
“As a full-line supplier of hydropower technology, we are ideally placed to exploit the potential of hydropower in the renewable energy mix," said CEO Dr. Toralf Haag. "In doing so, we are making a substantial contribution to the shift to renewable energies and the decarbonization of the industry.”
In 2000, Voith and Siemens Energy established Voith-Siemens Hydro Power Generation as a joint venture in order to combine Voith's turbine expertise with the generator capabilities of Siemens, according to the company.
But, since Voith now has its own expertise as a full-line supplier, the joint venture structure is no longer "relevant," the company said in a news release.
In other Voith news, the company in Januarywas awarded a $140 million contract for rehabilitation of its turbine generator units at the Fort Randall Power Plant in South Dakota, according to the U.S. Department of Defense.
The Voith Group, founded in 1867, is involved with energy, paper, raw materials, transport and automotive markets.
The company has 20,000 employees, sales of $4.7 billion and locations in over 60 countries worldwide, according to Voith.
— Reach Tina Locurto at email@example.com or on Twitter at @tina_locurto.