Siemens To Carve Out Large-Drives Applications Unit
18 Outubro 2021 - 7:23AM
Dow Jones News
By Ed Frankl
Siemens AG said Monday that it will carve out its large-drives
unit as it continues its strategy to refocus the group.
The German industrial and technology company will spin off the
activities of its Large Drives Applications division, which makes
heavy-duty drive systems for ships, mines and mills, into separate
legal entities, a spokesman told Dow Jones Newswires.
"We want to give this business additional entrepreneurial
freedom so that it can focus more sharply on its markets and
customers," the spokesman said.
The statement confirms news first reported by German financial
daily Handelsblatt, which said up to 7,000 workers worldwide could
be affected, citing unnamed sources.
Siemens had placed the LDA unit in its Portfolio Companies, a
group of businesses it seeks to improve or spin off into
independent firms.
Siemens didn't give details of the unit's financial performance,
but said LDA is "one of the leading suppliers in the market, in a
strong position overall and has performed very well over the past
months."
It comes as recently appointed Chief Executive Roland Busch
continues to realign the company in an effort to refocus on
software and digital technology activities going forward.
In recent years, the Munich-based company has listed several
major businesses including Siemens Energy, renewables firm Gamesa
and its medical-equipment business Siemens Healthineers.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 18, 2021 06:08 ET (10:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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