Siemens announces that it has reached an agreement with KPS Capital Partners to sell its Innomotics subsidiary for a purchase price (enterprise value) of 3.5 billion euros, marking a further step in the refocusing of its portfolio.

One of the world's leading manufacturers of motors and large electric drives, Innomotics has sales of 3.3 billion euros and employs around 15,000 people.

Subject to the usual foreign investment and merger control approvals, the sale is expected to close in the first half of the German group's 2024-25 financial year.

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