re-focusing its efforts on its most profitable business and also
growing some assets, including aircraft, into global businesses.
Last month it sold to De Lage Landen its two Hungarian
businesses, Siemens Leasing Kft. and Siemens Finance Zrt, which
focus on healthcare, office equipment, IT, communication and other
industrial equipment segments, because they did not fit with the
company’s new strategy of investing heavily in biggest growing
sectors and regions, according to Jonathan Andrew.
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The company, which reported a fall of 15 per cent in total
assets for the fiscal year ended September 2007, partly as a result
of its transfer of carrier activities into Nokia-Siemens Networks,
plans in 2008 to focus extra investment in receivables financing,
and Asia, in particular China.
It also wants to expand its marine and business and transform
its aircraft business, currently only in the Nordic region, into a
global enterprise.
“We don’t want to just focus on core markets, and we want to
expand the range of products we have,” said Andrew.
Commenting on the Hungary acquisitions, Carlo van Kemenade,
chief operational officer of De Lage Landen Europe, said: “In the
transportation segment, we have already successfully started up
activities in Hungary and Romania with Cargobull Finance, our joint
venture with Schmitz Cargobull.
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By GlobalDataHe added: “This acquisition positions us very well to enter into
other strategically important industry segments in Hungary like
office equipment, IT, materials handling and construction
equipment, agriculture and healthcare.
“Moreover it can be the foundation for potentially starting up
car lease activities for our subsidiary Athlon Car Lease. It fits
perfectly with our expansion policy in Europe where there is a
specific focus on further expansion into Central Eastern
Europe.”
The purchase of the Hungary businesses, which have 18 staff, are
subject to regulatory approvals and is anticipated to complete
before the end of March 2008.
Andrew said the Hungary businesses were “pretty small” and “we
did not see it as an aggressive platform for growth”. He added:
“The Hungarian market is heavily banked and not growing
particularly quickly. If we put these resources in growth markets
then we will see incremental returns.”
