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Siemens to separate out 3 bln euro motors and drives business

Mount Equity Group Tokyo Japan > News > Business > Siemens to separate out 3 bln euro motors and drives business

ZURICH, Nov 17 (Reuters) – Siemens (SIEGn.DE) will combine five of its businesses into an independent motors and drives company with revenue of around 3 billion euros ($3 billion), Chief Executive Roland Busch said on Thursday.

The German engineering company said its large drives applications and Sykatec, a metal component maker and also part of its portfolio companies, will be joined together.

They will be joined with Siemens’s high-precision motor spindles unit, Weiss Spindeltechnologie, along with its low voltage motors and geared motors divisions from Digital Industries, after management saw they all share suppliers, customers and technologies.

“We’ve decided to combine these businesses during fiscal 2023 to form a new company with its own legal setup,” Busch told reporters after Siemens reported its Q4 earnings.

“We’re convinced that this integrated motors and large drives provider – with high value creation – will be significantly…

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