Stuttgart, Germany – The Bosch Group has completed its acquisition of Siemens’ 50 percent share in BSH Bosch und Siemens, the global major appliance manufacturer.
The buyout, which had awaited regulatory approval, gives Bosch complete control over the former 50-50 joint venture, which generated sales of about 10.5 billion euros in 2013.
In the U.S., BSH makes and markets kitchen and laundry products under the premium Bosch, Gaggenau and Thermador brands.
Bosch said it will run the business, renamed BSH Hausgerate, as a wholly-owned, largely independent subsidiary under current majap head Dr. Karsten Ottenberg. Ottenberg said the acquisition will allow the company to further leverage its connected-home initiatives, which to date include a “Home Connect” app that gives users wireless control over select ovens and dishwashers via Wi-Fi.
The company also said it plans to expand its global market share and double its sales by 2025 through increased investment in research and development.