Siemens to Divest Electronic Assembly Group PDF Print E-mail
Written by Mike Buetow   
Thursday, 20 March 2008 05:56
FRANKFURT -- Siemens AG plans to divest its Electronic Assembly Systems unit by the end of September, the company said today. The unit employs about 2,100 workers and had reported sales in the "medium three-digit million euros range," a German newspaper reported. The unit is a leading provider of placement assembly machines. About half its employees are based in Munich.

As reported yesterday by the German media outlet Sueddeutsche Zeitung, the unit is no longer part of the company's core business and may be either sold or merged with a peer. "During the course of our restructuring we examined all business units and decided this unit is no longer part of our core business," reported Sueddeutsche Zeitung, quoting a Siemens spokesman.

Siemens' fiscal year ends Sept. 30.


Last Updated on Friday, 21 March 2008 04:52
 

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