S M --- Read the last paragraph and a purchase by Siemens seems less likely,,,,
Siemens sees electromechanical unit
sale by end-99
FRANKFURT, July 24 (Reuters) - German industrial group
Siemens (quote from Yahoo! UK & Ireland: SIEG.F) AG's
electromechanical components subsidiary could be sold by the end
of 1999, Chief Executive Heinrich von Pierer said in an advance
copy of an interview with a German newspaper.
In an interview with Welt am Sonntag due to be published on
Sunday, von Pierer said, ``There have been a great many enquiries,
of which a half are from firms that should be taken seriously.'
He added, ``I think that by the end of 1999 it (the sale) will be secured and completed.'
Siemens is disposing of numerous non-core operations as part of a vast restructuring programme. It
plans to float its passive components unit in October and its semicondcuctor subsidiary in late February
or early March.
Von Pierer also said that Siemens, revamping itself after years of criticism for having a too
wide-ranging business, did not plan to enter into new areas like software production.
``Our current portfolio, a mixture of strong growth divisions and strong return units, is in order. Siemens
will not become a provider of software or a network operator...At the moment we are pulling out of
the cable network business,' he said. |
