06 November 2013 17:45 [Source: ICIS news]
LONDON (ICIS)--Siemens has agreed a €640m ($865m) deal to sell a large part of its water technologies business to US investment group AEA Investors, the Germany-based industrial and technology major said on Wednesday.
Siemens said that the “Siemens Water Technologies Business Unit” it is selling offers solutions for the treatment and processing of water and wastewater.
That business had few synergies with the rest of its industry portfolio since expertise in water treatment is found primarily in specialist fields of chemistry, Siemens added.
Siemens Water Technologies has around 4,000 employees, three-quarters of whom are in ?xml:namespace>
The company will focus its remaining water business on “automation and drive solutions” for industry and municipalities, in line with its core competency in automation and drive technologies, it said.
Siemens’ water applications for the oil and gas business will also remain with the company, it added.
In related news, US specialty chemicals firm Ashland said this week that it expects to soon receive preliminary bids for the water technologies business unit it is seeking to divest.
($1 = €0.74)
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