Siemens to sell drive division to KPS for $3 billion, Handelsblatt reports

siemens to sell drive division to kps for $3 billion, handelsblatt reports

FILE PHOTO: Siemens logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

BERLIN/ZURICH (Reuters) -Germany's Siemens will sell its Innomotics large motors and drives division to financial investor KPS Capital Partners for 3 billion euros ($3.25 billion), business daily Handelsblatt reported on Wednesday, citing financial sources.

Siemens will announce the deal on Thursday along with its financial results, said Handelsblatt.

Siemens declined to comment on the report.

KPS primarily invests in industrial companies and sees numerous opportunities for acquisitions in Germany, Handelsblatt said.

Innomotics, which is based in Nuremberg, Germany, employs around 15,000 people, has been a separately managed subsidiary of Siemens since July 2023.

The company was formed by Siemens combining its activities in low- to high-voltage motors, geared motors, medium-voltage converters and motor spindles in a new company, operations which share suppliers, customers and technologies.

Siemens said in February that plans for complete independence of the business, which has sales of more than 3 billion euros, were progressing well, with all options on the table.

(Writing by Madeline Chambers, John Revill and Alexander Hübner, editing by Andrey Sychev and Matthias Williams)

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