SIEGY - Siemens to sell mail business to Korber in Euro1.15B deal

Siemens (OTCPK:SIEGY) said it agreed to sell the mail and parcel part of its logistics business to Koerber AG for €1.15B (~$1.31B), the latest step in its strategy to become more focused on technology. The conglomerate has been divesting non-core businesses to better focus on higher-margin, software-driven product lines. Siemens will keep the part of its logistics division that makes machinery for baggage handling at airports. Separately, Valeo SA has agreed to acquire Siemens' 50% stake in their electric car components joint venture for €277M ($317M) to boost its position in the EV market. Siemens said the sale would lift its profits by €200M in its FQ2 and solidify a shift away from equipment to software. Siemens performs well for a conglomerate but likely will lag in comparison to pure-play competitors, Deep Value Ideas writes in an analysis published on Seeking Alpha.

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Siemens to sell mail business to Korber in €1.15B deal