Siemens Buys Stake in Chinese Water Firm

The German engineering group Siemens had acquired a majority stake in Tianjin National Water Equipment Engineering of China, the newspaper Handelsblatt reported on Wednesday. The paper quoted a Siemens spokesman, who refused to disclose financial details of the transaction. Siemens predicts that sales recorded by Tianjin National Water, which builds water treatment plants, will come to more than $250 million (204 million euros) by 2010.