Bloomberg: Siemens Close To Sale Of Airport Unit To Wilbur Ross-led Group

(RTTNews) - German engineering giant Siemens AG (SI) is close to finalizing a deal to sell its logistics and airports solutions business to a group led by billionaire investor Wilbur Ross, Bloomberg reported Sunday, citing two people familiar with the talks.

The deal will enable Siemens to exit one of its underperforming businesses, though Siemens plans to retain a minority stake in the Germany-based unit.

According to the Bloomberg report, Siemens will likely announce the sale of the Constance-based unit as early as this week and its supervisory board will approve the transaction on May 6. The group led by Ross is said to include Leopold Dieck, a German businessman based in nearby Ravensburg.

In November 2012, Siemens first announced plans to sell the division, which has a 3,500-strong workforce. The unit, which makes parcel-and baggage-handling systems, reported a mid-single digit profit margin on sales of about 900 million euros in 2011, according to Bloomberg. The employees of the unit will reportedly be asked to join the new company.

SI closed Friday's trading at $129.99, down $1.94 or 1.47 percent on a volume of 381,836 shares.