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4/25/2012 9:12 AM ET

Siemens Industry, Inc. (SI: Quote) said it has signed and closed a purchase agreement to acquire 100 percent of the shares of FCE, LLC, a furnace company serving the metals industry. Financial details of the transaction will not be disclosed, Siemens noted.

FCE will operate within the Metals Technologies business unit of the Siemens Industry Sector, and will become the global center of competence for furnaces. The company will continue to operate from its Pennsylvania location and its approximately 20 employees will be integrated into the Siemens business structure.

Aashish Gupta, vice president, Metals Technologies business unit, Siemens Industry, stated, "The acquisition of FCE will enable Siemens to expand and strengthen its portfolio in furnace technologies, which is vital to Siemens' growth strategy."

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