Berlin, Wien, 29 April 2002 – The VA TECH SAT, a subsidiary of VA Technologie AG, Vienna and PSI AG, Berlin, have agreed to found a joint venture for the worldwide marketing of network control systems so as to expand the position of the two partners in the international energy market. The international presence of the VA TECH Group is ideally complemented by PSIs engineering competence in the field of network control engineering so that customers in the field of energy will be provided with a technological and leading service package worldwide in the future. The new company will be headquartered in Vienna and have a branch office in Aschaffenburg. VA TECH SAT will hold 60% and PSI 40% of the joint company.
VA TECH with their business unit Transmission & Distribution, is one of the leading international providers of electrical transmission and distribution systems with a focus on the areas of process automation and switching systems. PSI has been developing control systems for middle-sized and large transportation and distribution networks since 1974 and has, as a result of innovative technology, established itself as the German market leader in this segment in the last few years.
Both partners acquire new business potential through the cooperation; VA TECH completes its service pallet with the cooperation, the agreement allows PSI to globalize its successful energy business.
The two partners will provide detailed information for the new joint venture at a press conference in Berlin on 7 May.