Siemens sells drive system manufacturer Flender for 2 bln euros
Source: Xinhua | 2020-10-30
German technology company Siemens said Thursday it sold its subsidiary company Flender, a leading global supplier for mechanical and electrical drive systems, to U.S. investor Carlyle for around two billion euros.
Both sides signed a corresponding agreement, according to Siemens. The agreed purchasing price was 2.025 billion euros (2.368 billion U.S. dollars) and the transaction, still subject to foreign-investment and antitrust approvals, was expected to be completed in the first half of 2021.
"By selling Flender, we are successfully and rigorously continuing our strategy to become a new, focused Siemens AG," said Joe Kaeser, President and CEO of Siemens AG, in a statement.
According to Siemens, the business concept of the new owner Carlyle provided that Flender, following a successful reorientation, would be able to further accelerate its growth and fully develop its strengths with even more independence and greater room for action.
Within the context of the sale, Carlyle made "long-term and reliable commitments" to Flender and its employees, according to Siemens. Flender employs around 8,600 people worldwide and generated revenues of around 2.2 billion euros in the fiscal year 2020.
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