ZURICH (Reuters) – Siemens said on Wednesday it has agreed to sell its logistics business to German technology group Koerber for 1.15 billion euros, a deal expected to close by the end of the year.
Reuters had learned from sources that the supervisory board of Siemens was to meet the day before the publication of the company’s results on Thursday to make a decision on the buyer.
In September, people familiar with the matter told Reuters that Siemens was preparing to sell its logistics business, which makes machinery for unloading, transporting, sorting, coding packages and preparing letters for delivery.
The value of the transaction could amount to around 500 million euros, they said at the time.
The deal would be the latest divestiture from the German industrial conglomerate, which has set out to streamline its operations to become a technology company.
Vanderlande, a subsidiary of Toyota, Honeywell, Kion, Daifuku, Interroll and MHS Houten (VanRiet), competitors of Siemens’ logistics activity, were potential buyers.
(Report Alexander Huebner and Andres Gonzalez Estebaran, French version Khadija Adda-Rezig, edited by Blandine Hénault and Jean Terzian)
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