FRANKFURT (Reuters) -- German industrial conglomerate Siemens AG has agreed to buy U.S. company Morgan Construction, a provider of rolling-mill products used in the metals industry, the two companies said on Wednesday.

Siemens said Morgan Construction had annual sales of $180 million and around 1,100 staff in the United States, China, India, Britain and Brazil and would help to strengthen Siemens' position in metals technologies.
It did not disclose financial details.
Philip Morgan, chief executive of Morgan Construction, said in a statement: “The fit between our two companies is remarkably good. There are true synergies between the two companies.”
The transaction is subject to regulatory approval.