Siemens deal to sell its logistics business ‘imminent’: sources

Siemens deal to sell its logistics business ‘imminent’: sources
Siemens deal to sell its logistics business ‘imminent’: sources

Thank you for reading the news about Siemens deal to sell its logistics business ‘imminent’: sources and now with the details

Jeddah - Yasmine El Tohamy - Siemens is very close to selling its logistics business, sources have told Reuters, with a deal likely to be “imminent.”


Siemens’s supervisory board is due to meet on Wednesday, ahead of the company’s earnings on Thursday, and will make a decision on the successful bidder, the sources said.


The company declined to comment.


In September, people close to the matter told Reuters that Siemens was preparing to sell its logistics business, which makes gear used for unloading, conveying, sorting and coding parcels as well as preparing letters for delivery.


A deal could be worth roughly 500 million euros ($571.65 million), they said.


The sale would be the latest divestment by the German industrial conglomerate which has been simplifying its business in a shift to become a more focused technology company.


As part of the shake-up, Siemens sold its Yunex Traffic division to Italian infrastructure group Atlantia for 950 million euros last month.


Toyota’s Vanderlande, Honeywell, Kion , Daifuku, Interroll and the Netherlands’ MHS Houten (VanRiet) are competitors for Siemens’ logistics business and could become potential bidders.


Siemens’ airport logistics business — which makes machines that handle baggage and cargo — is not currently up for sale, but will be offloaded once air traffic has rebounded from the hit it took in the pandemic, sources told Reuters in September. 

These were the details of the news Siemens deal to sell its logistics business ‘imminent’: sources for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]