FRANKFURT (AP) -- German industrial conglomerate Siemens AG said Thursday it had acquired Israeli solar power company Solel Solar Systems Ltd for about $418 million.
Munich-based Siemens said the aquisition meant it could strengthen its market position in solar thermal power plants. Solel, based in Beit Shemesh, Israel, is a leading supplier of solar receivers, key components in power plants that use the sun's energy to heat fluid that in turn powers generators.
"After the rapid and highly successful expansion of our wind power business, we now want to continue this success story in the solar sector," Peter Loescher, Siemens chief executive said in a statement.
"We can thus further expand our extensive environmental portfolio and, as already announced, we will become even greener."
Solel has a work force of more than 500 and had revenues of nearly $90 million in the first half of 2009. Its US arm, headquartered in Irvine, California, is developing a solar thermal energy plant in the Mojave Desert.
The deal is expected to close this year.
Shares of Siemens were down 0.3 percent at euro68.72 ($102.39) in Frankfurt morning trading.