Acquisition of Plessey, and Siemens Plessey : 1989-1997
In 1989, GEC and Siemens AG set up a joint holding company, GEC Siemens plc, to launch a hostile takeover of Plessey, which they succeeded. Most of Plessey assets were divided between the companies (see : Plessey#Break-up of the business); except the 1988 founded GEC-Plessey joint venture - GPT, which was converted to a '60/40 GEC/Siemens joint venture'.
The division of Plessey between these two partners meant the deal met with little regulatory opposition. Siemens acquired Plessey's radar systems, defence systems and traffic control businesses. The defence electronics operations became Siemens Plessey Systems (commonly referred to as Siemens Plessey) and Siemens Plessey Electronics Systems (Australia). In 1997, Siemens came to an agreement with British Aerospace and DaimlerChrysler Aerospace AG (DASA) for the takeover of its defence electronics unit. BAe acquired the Siemens Plessey's defence businesses in UK, while DASA acquired the German part of the operations.
Read more about this topic: Siemens Plessey, History
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