German giant Siemens (NYSE:SI; XETRA:SIE) is again making non-financial investments in Israel after a hiatus of several years. Sources inform “Globes” that Siemens will acquire the activities of eShip-4u and merge the company with Siemens Israel.
Founded in 2000, Netanya-based eShip-4u develops automatic delivery machines (ADMs) for managing parcel delivery, cutting costs for the post office and express delivery companies. The technology has been successfully tested in the US and Europe, and is already in use in the US.
Siemens plans to merge eShip-4u into its unit that develops logistics and automation solutions for cargo, packages, and goods, and builds mail and luggage clearing and automatic storage systems. The division has 10,000 employees and an annual sales turnover of €2.6 billion.
Siemens Israel managing director Oren Ahronson said Siemens Israel would hire all eShip-4u employees.
Siemens has extensive activities in Israel, providing equipment and know-how for large enterprises, such as Israel Electric Corporation. Siemens Israel has a turnover of hundreds of millions of dollars a year.
Published by Globes [online] - www.globes.co.il - on January 1, 2004