Last month, following receipt of all the necessary official approvals, Voith successfully completed the acquisition of the remaining shares in Voith Hydro from its former joint venture partner Siemens Energy.

In October last year, the technology group and its longstanding partner Siemens Energy reached an agreement on Voith taking over the remaining 35% stake in the former Voith Siemens Hydro Power Generation GmbH. The completion of this transaction makes the Voith Group the sole owner of the Voith Hydro Group Division, previously operated as a joint venture. The two parties have agreed not to disclose the financial details of the transaction.

Toralf Haag, Voith Group’s CEO, said: “We are extremely pleased to have completed the acquisition as planned. With this move, we are continuing to systematically pursue our strategy of strengthening our core business in the field of sustainable technologies.

“As a full-line supplier of hydropower technology, we are ideally placed to exploit the potential of hydropower in the renewable energy mix. In doing so we are making a substantial contribution to the shift to renewable energies and the decarbonisation of the industry.”

In 2000, Voith and Siemens Energy established Voith Siemens Hydro Power Generation as a joint venture, to combine the turbine expertise of Voith with the generator capabilities of Siemens. Because Voith now has its own extensive expertise in this area as a full-line supplier, the original joint venture structure is no longer relevant for the company’s business operations.

The Voith Group is a global technology company that was founded in 1867 and today has around 20,000 employees, sales of 4.3 billion euros and locations in over 60 countries. Voith Hydro is part of the Voith Group and develops customised, long-term solutions and services for large and small hydro plants all over the world.