Siemens, the German engineering and electronics giant, is clearing the decks with a DM17 billion (#6 billion) sell-off of some of its businesses, including its lossmaking semiconductor activities.
Siemens? chief executive Heinrich von Pierer also indicated that the company will make a major acquisition in the telecomms market within the next few weeks.
Siemens said yesterday that it will spin off its semiconductor business through a public flotation, as well as selling the remainder of its components operations, its telecomms cable activities, and its technologies linked with retail and banking.
Altogether, the businesses to be sold employ 60,000 people, 25,000 in Germany and the rest spread across the world.
The semiconductor business has been hit hard by the collapse in the chip market, and made a loss last year of DM1.2 billion.
Pierrer said Siemens will focus more heavily on its mobile telephones and PC businesses in the future, with a major telecomms acquisition likely this month.
The announcements were made as Siemens reported a profit of DM2.66 billion in its financial year ended 30 September.
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