By Nathan Allen

Siemens AG (SIE.XE) said Monday that it has named Klaus Patzak as managing partner for its portfolio companies unit, effective immediately.

The German industrial group formed the unit last year by bundling together several disparate businesses that weren't an obvious fit with its main operations.

Activities grouped under the unit include the manufacture of mechanical drive systems, electrical drives for dump trucks, postal-logistics systems and electric vehicles among others.

In 2018 portfolio companies generated pro forma revenue of 5 billion euros ($5.61 billion).

Mr. Patzak has previously served as chief financial officer of Bilfinger SE (GBF.XE) and Osram Licht AG (OSR.XE). More recently he has worked as Siemens's head of finance and controlling.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 01, 2019 06:03 ET (10:03 GMT)

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