BERLIN : Siemens is preparing a possible separation of its large drive applications business, the German engineering and technology company said on Monday, confirming media reports.
The separation of the unit, which produces heavy-duty electrical drive systems for ships, mines and rolling mills, is the first step to a divestiture, Handelsblatt reported on Monday. More than 7000 Siemens employees around the world including around 2200 in Germany will be affected by the move, Handelsblatt reported, citing sources at the company.
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