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4-Traders Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

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Siemens to separate Mechanical Drives business

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02/16/2017 | 06:39pm CET

Siemens (>> Siemens AG) is splitting off its $2 billion (£ 1.60 billion) Mechanical Drives unit, classified in past years as an underperforming business, as a standalone company better able to serve its customer base of small businesses.

Siemens (>> Siemens AG) is splitting off its $2 billion (£ 1.60 billion) Mechanical Drives unit, classified in past years as an underperforming business, as a standalone company better able to serve its customer base of small businesses.

The unit - which makes gearboxes and couplings for wind turbines, ships and heavy machinery and employs 6,000 people - will continue to operate under the Siemens umbrella, the Munich-based industrial group said in a statement on Thursday.

Mechanical Drives follows a well-worn path of Siemens activities that have been given operational independence, usually as a precursor to a legal separation followed by a sale or spin-off.

Former semiconductor unit Infineon (>> Infineon Technologies AG) and lighting unit Osram (>> Osram Licht AG) are early examples. The latest is Healthineers, which is expected to become one of Germany's biggest public listings.

"MD's market, which is dominated by medium-sized companies, is currently characterized by weak growth, increasing competition from the Asian region and overcapacities, with correspondingly high price pressure," Siemens said.

Mechanical Drives is part of Siemens' Process Industries and Drives division, its least profitable business with a margin of 6.4 percent last quarter. It made just under 20 percent of the division's sales of 9.04 billion euros ($9.63 billion) last year.

A Siemens spokesman said the business had improved strongly in the past couple of years and was now competitive.

It was not immediately clear whether it was still classified as one of the group's underperforming businesses, which account for about 14.5 billion euros in revenue, and have an average profit margin of 4.5 percent.

Siemens said it planned to invest in Mechanical Drives' locations worldwide and its product portfolio.

(Reporting by Maria Sheahan and Georgina Prodhan; Editing by Christoph Steitz and Susan Thomas)

Stocks treated in this article : Infineon Technologies AG, Siemens AG, Osram Licht AG
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Financials (€)
Sales 2017 83 766 M
EBIT 2017 9 014 M
Net income 2017 6 264 M
Debt 2017 17 509 M
Yield 2017 3,08%
P/E ratio 2017 15,94
P/E ratio 2018 15,16
EV / Sales 2017 1,46x
EV / Sales 2018 1,37x
Capitalization 105 188 M
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 127 €
Spread / Average Target 2,7%
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NameTitle
Josef Kaeser President & Chief Executive Officer
Gerhard Cromme Chairman-Supervisory Board
Ralf Peter Thomas Chief Financial Officer
Helmuth Ludwig Chief Information Officer
Michael Diekmann Member-Supervisory Board
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