November 28, 2012
MUNICH, Germany—Siemens is looking to lose some baggage.
The company plans to sell its postal and parcel sorting and baggage handling business.
Those activities are part of the company’s logistics and airport solutions division, which is based in Constance, Germany and is headed by CEO Jörg Ernst. According to the Siemens’ website, the division employs 1,300 people at its locations in Germany and has 2,100 people working in over 35 countries worldwide.
In a statement, Siemens says the reason it intends to make this sale is “there are very limited synergies with other Siemens business due to the high mechanical content and focus on system integration.”
Ernst says, “Whilst favorable market conditions, innovative strength and good profit results of Siemens’ logistics activities, we are convinced, that a different ownership structure taps this business’s full potential.”
The company describes the parcel, baggage and luggage handling business as being profitable, with revenues of $1.155 billion (€900 million).
Siemens says it is looking for a buyer “willing to invest and probably create higher synergies for a sustainable growth perspective”.