Morgan Construction Company (USA, privately held; website) said it has signed an agreement to be acquired by Austrian industrial giant, Siemens AG.

Founded in 1888, Morgan has been a closely-held business for five generations of the Morgan family for all of those 120 years.

Among Morgan's key assets is its MORGOIL bearings business. Morgoil bearings are used in steel rolling mills worldwide. Other products include equipment sleeves, chocks and other equipment for steel rod and bar rolling mills. Another bearing-related product in the Morgan family is the Universal Drives division, which produces universal joint bearings and spindle assemblies for rolling mills.

The company has two facilities in Massachusetts, along with one each in Brazil, England, India and Russia; and more than 1,100 employees.

Morgan Construction will become a division of Siemens' subsidiary, VAI Mining and Metals Technologies GmbH.

The company's letter to customers is here.

All told, Siemens AG is one of the world's largest industrial conglomerates, with 471,000 employees and 2007 sales of more than USD $106 billion.

The Morgan management team will stay in place, and the company will grow. President Philip Morgan said: "Their plan is to grow the business, not shrink it. Our shops can now be used for a broader array of products."

Mr. Morgan went on to say: "Our Morgoil bearing business will significantly enhance Siemens VAI's flat rolling mill presence in the world markets."

Siemens is seeking to leverage and expand its abilities in rolling and processing technology.

Terms of the acquisition were not yet available.