Valida Pension Management Buys Siemens Austria
23 July 2012 (PLANSPONSOREurope.com) - Siemens Austria has hailed Valida Pension Management as a “trustworthy and knowledgeable buyer” as the two parties sign a deal for Valida to buy Siemens Austria including its pension fund for an undisclosed amount.
The deal is subject to all regulatory approval. Transfer of ownership is set to begin this autumn.
Siemens Austria says that its main objective in securing the deal was that nothing should change in terms of defined benefits (DB) pensions or for recipients of the Siemens Austria pension fund. Siemens Austria CFO Reinhard Pinzer said: “We have now found a trustworthy and knowledgeable buyers and partners.”
Andreas Zakostelsky, chairman of the board of pension management at Valida said he was confident that the strengths and the technical know-how of the two companies would complement each other very well. He added that special attention would be paid to ensuring open and transparent communication between the company and customers of Siemens Austria’s pension fund and employees of Siemens Austria.