German industrial company Siemens Energy has agreed to acquire Northern Ireland engineering firm Camlin Group in a deal expected to be worth in excess of £250 million, according to the BBC, in a takeover that could create hundreds of jobs and significantly expand the Lisburn-based firm's footprint in Northern Ireland.

Camlin, which employs 650 people including 340 in Northern Ireland, specialises in equipment that monitors the performance of electricity grids. The company reported a pre-tax profit of £8.4 million on turnover of £88 million in 2024, with demand for its predictive grid management products growing as the expansion of renewable energy increases the complexity of grid operations.

Chief executive Peter Cunningham said Siemens Energy is "very committed and very serious" about investing in the business, adding: "I wouldn't be surprised to see the footprint here in Northern Ireland at least double, maybe even triple over the next short number of years."

Cunningham said Siemens Energy approached Camlin several months ago due to shared customers, with interest intensifying as the German firm assessed Camlin's product development pipeline. The Camlin name will be retained and the business will continue to be locally managed following completion.

Siemens Energy executive board member Tim Holt said the acquisition would strengthen its position in grid operations, adding that together the companies "can help customers move from reactive maintenance to data-driven, condition-based operation."

The transaction remains subject to regulatory approvals and is expected to close before the end of 2026.

Access the full story on Siemens Energy's acquisition of Camlin Group and its implications for Northern Ireland's engineering sector.