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September 16, 1997updated 03 Sep 2016 6:58pm

SIEMENS BUYS GERMAN MULTIMEDIA NETWORKS R&D OUTFIT

By CBR Staff Writer

The Private Communications Group of Siemens AG is to acquire an 85% stake in Hamburg, Germany-based broadband communications company Mikroelektronik Anwendungszentrum, MAZ, Hamburg GmbH. The company is owned by the Senate of the City of Hamburg, and Siemens will pay an unspecified amount for an 85% stake, with the Senate retaining 15%. The company specializes in the development of high speed and multimedia networks. Siemens will deal with the worldwide marketing of the products, and expects MAZ to achieve around $6m revenues for its first year of operations. The new company will be formed on 1 October. MAZ was founded by the City of Hamburg Senate in 1990, as a company to bring Research projects to commercial viability.

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