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Name | Symbol | Market | Type |
---|---|---|---|
Siemens AG (PK) | USOTC:SIEGY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.31 | 1.39% | 95.65 | 95.61 | 95.65 | 96.20 | 95.049 | 96.00 | 69,866 | 20:59:53 |
By Ed Frankl
Siemens AG said Friday that it has agreed to sell its commercial vehicles business to Meritor Inc. for an enterprise value of 190 million euros ($201.1 million), as the conglomerate continues to streamline it operations as a technology-focused company.
The German industrial company's commercial-vehicles unit, which supplies electric-drive systems for medium and heavy-duty vehicles, was already in Siemens's portfolio-companies segment, which includes businesses being teed up for sales.
Siemens in February sold its parcel-logistics arm from its portfolio segment to Koeber for EUR1.15 billion.
Troy, Mich.-based Meritor plans to integrate the commercial-vehicles business's motor, inverter and systems technology to enhance its development of next-generation powertrains, Siemens said.
"The move is another step in the company's rigorous implementation of its previously announced plan to sharpen its portfolio as a focused technology company," Siemens said.
Closing is expected at the end of 2022, subject to regulatory approvals, the company added.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
May 20, 2022 07:42 ET (11:42 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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