The Bosch Group (Bosch) has completely acquired Siemen's 50 percent share in BSH Bosch und Siemens Hausgerate GmBH on 5 January 2015.
The former 50:50 Bosch-Siemens joint venture — which focuses on manufacturing household appliances — will now run as a wholly owned Bosch subsidiary and be known as BSH Hausgerate GmbH (BSH).
According to Bosch, the move is part of the company's efforts to gain market share in the Internet of Things (IoT) space, specifically in the area of connected buildings and appliances. The IoT industry is expected to grow rapidly in future, with research firm IDC predicting that the global IoT market would hit US$7.1 trillion by 2020. To tap on this growth, BSH plans to continue "creating solutions for a connected world," said Dr Karsten Ottenberg, chairman of the board and CEO of BSH.
Some of BSH's IoT-related products that are currently available include ovens and dishwashers featuring Home Connect. Home Connect is an app that allows users to control connected appliances from their smartphone or tablet PC using a Wi-Fi connection.
In 2013, BSH Bosch und Siemens Hausgerate GmBH generated sales of about US$12.6 billion. Bosch hopes that the full acquisition of BSH and its investment in research and development will help BSH to double its sales by 2025.
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