By Patrick Costello

Siemens AG (SIE.XE) said Friday that it has agreed to acquire IST GmbH, a Germany-based specialist in automation technology, for an undisclosed sum.

IST and its roughly 50 employees should be integrated into the production machines segment of Siemens' digital industries unit by April 1, 2020, the German industrial conglomerate said. The two parties agreed not to disclose the financial terms of the deal.

Siemens said it aims to strengthen its development potential in the market for production machinery with the acquisition. IST develops applications and services for the control of production machines, Siemens said.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

July 05, 2019 11:01 ET (15:01 GMT)

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