Siemens to Carve out Motors Business as New Subsidiary
March 01 2023 - 8:47AM
Dow Jones News
By Joshua Kirby
German conglomerate Siemens AG is to set up a new company to
house its motors and large-drives businesses as it looks to cash in
on growing demand for more efficient electrification and energy
consumption.
The new company, Innomotics, will combine the group's motors,
voltage-converters and motor-spindles activities, which were
previously assigned to Siemens's large-drives applications and
digital-industries divisions as well as to subsidiaries Sykatec and
Weiss Spindeltechnologie.
Innomotics will have some 14,000 employees globally and revenue
of some 3 billion euros ($3.17 billion) annually, Siemens said. It
will operate as a separate but wholly-owned subsidiary from July 1,
with the global carve-out to be largely completed by Oct. 1,
Siemens said.
Michael Reichle, who formerly led Siemens's logistics division,
will take the helm as chief executive of the new company, Siemens
said.
Innomotics "will be a trailblazer in the market and capture a
leading competitive position," Mr. Reichle said.
"We'll profit from the strong growth potential driven also, in
particular, by the sustainability-oriented demand for more
efficient electrification and energy consumption in industry and
society," he said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 01, 2023 08:32 ET (13:32 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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