Siemens To Sell Water Technologies Unit To AEA Investors For EUR 640 Mln

(RTTNews) - Siemens AG (SI) said Wednesday that it agreed to sell its water technologies unit to New York-based private equity AEA Investors for 640 million euros. The transaction is still subject to regulatory approval.

The move comes as the German engineering giant focuses on higher-margin businesses.

As previously indicated, Siemens is focusing its water business on automation and drive solutions for industry and municipalities.

The Water Technologies Business Unit offers solutions for the treatment and processing of water and wastewater.

"In AEA, we're pleased to have found a buyer with experience in industrial investments who wants to continue to drive Water Technologies' business and cultivate existing customer relationships. At Siemens, we will in the future be focusing our water business on solutions in line with our electro technical core competencies in automation and drive technologies," said Siegfried Russwurm, member of Siemens' Managing Board and CEO of the company's Industry Sector.

Last November, Siemens has said it decided to reorganize its activities in the water business and focus on solutions for the control and management of municipal and industrial water applications.

The company noted that its water applications for the Energy Sector's oil and gas business will also remain unchanged.

According to the company, Siemens Water Technologies has around 4,000 employees, three-quarters of whom are in North America.