MUNICH (dpa-AFX) - Siemens has found a buyer for its subsidiary Innomotics, according to a report in the German newspaper 'Handelsblatt'. The division for motors and large gearboxes with around 15,000 employees is to be sold to the US investment company KPS for a valuation of a good three billion euros, the newspaper reported, citing financial circles. Siemens did not wish to comment on the report when asked.

It has been known for some time that Siemens intends to sell Innomotics. The subsidiary is already largely independent. In February, Siemens emphasized that there was no time pressure. Most recently, there had already been reports that KPS was among the interested parties./ruc/DP/nas