Siemens is spinning off its large motor business and is legally placing it on its own.
A company spokesman in Munich did not want to comment on whether Siemens Large Drives Applications (LDA) is being prepared for a sale or a partnership, as the “Handelsblatt” reported (Monday).
“We want to give the business additional independence and entrepreneurial freedom so that it can focus even better on its markets and customers,” he said.
Munich - The division is headquartered in Nuremberg, employs around 2,200 people there and in Berlin, and a further 4,800 in the Czech Republic, the USA and China. The main products are large engines for the mining, chemical, oil and gas industries.
LDA is world market leader in many areas and has developed well in recent months, said the spokesman.
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At Siemens, LDA belongs to the group of “portfolio companies” that are better off on their own.
Industry circles expect that the decision on possible further steps at LDA will take well into the coming year.
dpa
