Siemens CEO Says No Further Major Acquisitions or Sales for Now
February 10 2022 - 8:26AM
Dow Jones News
By Olaf Ridder and Ed Frankl
Siemens AG isn't planning major acquisitions or spinoffs beyond
what is public knowledge, Chief Executive Roland Busch said at the
company's annual general meeting on Thursday.
Mr. Busch ruled out listing its electromobility
charging-technology business on the stock exchange, the strategy
currently being adopted by Swiss rival ABB Ltd.
There has also been no decision on the spinoff of its Large
Drives Applications business, which was confirmed for a carve out
in November, Chief Financial Officer Ralf Thomas said.
The unit, which makes heavy-duty drive systems for ships, mines
and mills, has 7,000 employees and its spinoff or IPO would be a
major strategic move in its efforts to become a leaner company.
Write to Olaf Ridder at olaf.ridder@wsj.com and Ed Frankl at
edward.frankl@dowjones.com
(END) Dow Jones Newswires
February 10, 2022 09:11 ET (14:11 GMT)
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