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Siemens prepares separation of large-drive business

Mount Equity Group Tokyo, Japan > News > Business > Siemens prepares separation of large-drive business

The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann

BERLIN, Oct 18 (Reuters) – Siemens (SIEGn.DE) is preparing a possible separation of its large drive applications (LDA) business, the German engineering and technology company said on Monday, confirming media reports.

The separation of the unit, which produces heavy-duty electrical drive systems for ships, mines and rolling mills, is the first step to a divestiture, Handelsblatt reported on Monday.

More than 7000 Siemens employees around the world including around 2200 in Germany will be affected by the move, Handelsblatt reported, citing sources at the company.

Reporting by Alexander Huebner; Writing by Zuzanna Szymanska, editing by John Revill

Our Standards: The Thomson Reuters Trust Principles.

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