01.12.2015 | Austria
S&T AG to focus smart energy operations and distribution of NES solutions on Central and Eastern Europe marketsLinz, 1.12.2015. S&T AG and the high-tech group that it heads plan to focus their smart grid operations on their main and longstanding home markets in Central and Eastern Europe. To that end, S&T plans to acquire 100% of the equity in the Europe-based Networked Energy Services GmbH (“NES”), which is a partly-owned subsidiary of Networked Energy Services Corp. (“NES Corp.”). In a reciprocal development, S&T is negotiating the transfer of its 56% stake in the California-based NES Corp. to an existing NES USA shareholder.
NES Corp. and the S&T Group plan to continue their close working relationship in the areas of technology development and distribution. Whilst doing this, the S&T Group will concentrate on serving its core markets of Eastern Europe and the German-speaking region (Germany, Austria and Switzerland).
“We intend a clearly-formulated focus and a transparent structure for getting advantages in our operative business and our relations with investors,” reports Hannes Niederhauser, S&T's CEO, the planned changes. “S&T AG would enhance its status of being a major provider of smart energy technologies to the Central and Eastern European markets, based on NES’ proven products and expertise. This product selection includes both, smart metering products and dedicated software designed to meet the needs of these regions.“
On S&T AG:
S&T AG (www.snt.at, ISIN AT0000A0E9W5, WKN A0X9EJ, SANT) is a high-tech corporation. It employs some 2,300 employees, and maintains subsidiaries and offices in 19 countries. S&T AG provides IT systems. It is listed on the Frankfurt Stock Exchange's Prime Standard segment. These systems are comprised in the company's comprehensive portfolio of IT solutions and services. These make S&T one of the leading suppliers in Central and Eastern Europe. S&T is a renowned manufacturer of products featuring proprietary technologies. Its wide-ranging portfolio includes innovations in such areas as appliances, cloud security and smart energy.